Opens: 2023 3895.00; 2nd Quarter 4127.00; May 4190.00.
Tuesday could be a repeat of Monday. Stay Tuned
Connect the Dots at 10:45am ET.
Market Review:
Market Continues to Spin.
So far in May: The first week had a range of 4206.25 to 4062.25, the second week had a range of 4173.25 to 4111.75, this week's range has been 4156.25 to 4123.00. We see the market tightening. Pay careful attention to last week's range. Also, as we progress through this week, watch to see if the market continues to tighten.
There are multiple reasons why we see this tightening in the market. The easiest to point to is the debt ceiling issue. There are other issues at play, its just difficult to look past that one at the moment.
The month of May feels tight, for various reasons. It is worth noting though, in the first week of May we surpassed the range of the entire month of April. It could be that this market is just taking a rest. Stay sharp, stay ready.
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
4148.25 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!
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.
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