Thursday's rally and the subsequent move in the overnight market have given us a new high for the year. The number exceeded the ones we discussed yesterday, and now the market is in that position of clear skies. The next number in the ES for the market to focus on is 4327.50 from August of 2022. As mentioned yesterday, this move puts us back in the range from January 2022. The month opened at 4771.00, the high was 4808.25, and the low was 4212.75. What was resistance has now become support with 4212.00 as the overnight low. 4190.00 is still the open of May and should be a significant level if the market retraces.
On the high side, use some commonsense principles with numbers. Expect 4250.00 and 4275.00 to be big numbers if the market climbs. Think about the numbers starting with 41 that we have seen and change the prefix to 42. 4134.00 becomes 4234.00. That's how the market finds familiarity in unfamiliar ground.
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
4215.50 is the open
4190.00 is the open of the Month
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!
The New high of the Year
Whatever the new high ends up being, that will be the hottest thing today. The real question is, will the market cool down. How far from the high of the day do we end up closing. If we are close to that high then the gloves are off for Monday's market.
The gloves could come off later today though, in that case we will be away from the high.
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