A few numbers to be aware of above the current market. First, the open of the month in the ES is 4190.00. The overnight high is currently 4183.75. Next up would be 4200.00 because it is 4200.00. After that there are really two numbers left in the context of 2023. The May high is 4206.25 and the high of the year, from February, is 4208.50. Those are the numbers the market faces if it wants to rally. After 4208.50 is the January 2022 low of 4212.75 and then the August high of 4327.50.
Getting back into the January 2022 range would be an impressive accomplishment for this market. It would also highlight just how far this market dropped in January 2022. The high that month was 4808.25. That move might also put a little attention on the 2022 open of the year, 4771.00.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
May 23 Manufacturing PMI
May 24 FOMC Minutes
May 25 GDP (Preliminary)
May 26 Core PCE
Key Numbers Opens: Above or Below
4190.00 is the open of the Month
4171.25 is the open
4132.25 is the open of the Week
4127.00 is the open of the 2nd Quarter
3895.00 is the open of 2023
What's Hot and Not!
Deere & Company (DE)
John Deere reports earnings before the bell tomorrow. They opened the year at 428.00. The quarter open was 413.50, and the open of the month was 379.95. DE set a low of the year on May 16 at 362.26, and the high of the month is 390.01 set on May 3. The high this week has been 374.79 from Monday.
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