The new high of the year is 4227.25. The August high from 2022 is 4327.50. The open of the 2nd Quarter in 2023 is 4127.00. I wonder if you can see the same repetition that I can. Drop the handle (the first 2 digits) and you have 27.25, 27.50, and 27.00. If you saw that and someone asked you what number to look at in the market, the answer should be rather obvious.
Don't forget this tidbit from Friday...
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
4190.00 is the open of the Month
4189.00 is the open of the Week
4132.25 was the open of last Week
4127.00 is the open of the 2nd Quarter
3895.00 is the open of 2023
What's Hot and Not!
Sunday Night Open
This week's open at 4189.00, with the month open at 4190.00 and the market in the last full week of May, and in front of a 3-day holiday, is enough pieces of information to spin your head just a little. The 4189.00 open of the week sitting right next to the open of the month, makes a strong suggestion that this week the market will be focused on the closeout of May. Remember there are still trading days after the holiday.
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