Opens: 2023 3895.00; 2nd Quarter 4127.00; May 4190.00.
Monday is a watch day. Watch and learn.
Today at 9:15am ET: Workshop #2 for MTI Members
Market Review:
Middle of the Month, and Middle of the Market
Last week we discussed this market moving back and forth between 4134.00 and 4150.00. In overnight trading we have moved up from an open of the week at 4132.25, to an early morning high at 4156.25.
It's a new week, but it seems to be the same market.
When a market spends an excessive amount of time in a relatively small range, that is typically an indication of a breakout looming. The first week of May produced a high of 4206.25 and a low of 4062.25. Last week, the range was 4173.25 to 4111.75. Pay attention to last week's high and low. If we stay between them then we are continuing to tighten.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
May 16 Retail Sales
May 23 Manufacturing PMI
May 24 FOMC Minutes
May 25 GDP (Preliminary)
Key Numbers Opens: Above or Below
4190.00 is the open of the Month
4151.00 was the open of last Week
4132.25 is the open of the Week
4077.25 was Friday's open
3895.00 is the open of 2023
What's Hot and Not!
Debt Ceiling
As long as the game continues to be played, the market will stop and stare. Usually these things come down to a resolution, but while we wait for the resolution, the market waits as well.
Later this week we have earnings from DE, Deere & Company.
Past performance is not indicative of future results. Futures trading involves substantial financial risk.
Please consult your personal financial advisor before using this information for your own trading purposes.
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