News:
Markets opened the week mixed on Tuesday.
The indexes opened green and trended lower throughout the day. The close was mixed and unremarkable.
- Dow Jones -0.2%
- Nasdaq +0.3%
- S&P 500 +0.0%
- Russell 2000 -0.3%
The day tilted in favor of the bears.
55% of all listed stocks declined, while 42% rose.
Sector Round Up
4 of the 11 sectors ended Tuesday’s session in the green.
Risk-on stocks led again. The winners…
- Consumer Discretionary (XLY) +0.7%
- Technology (XLK) +0.5%
- Real Estate (XLRE) +0.3%
- Communications (XLC) +0.2%
At the bottom…
- Energy (XLE) -1.0%
- Consumer Staples (XLP) -1.1%
The Index
A debt ceiling vote could happen later today. Its passage is not a sure thing.
Artificial Intelligence continues to be the dominant theme on Wall Street
- AI is now the most searched-for investing theme of the year
- Nvidia (NVDA) briefly traded above $1 trillion market cap on Tuesday
- Shares of C3.ai (AI^) are surging
Technicals:
This morning futures are trading lower. But fear is absent from the market…
As long as the VIX remains below 18, the bears are dead in the water.
The daily read out…
- RSI levels are mostly neutral, the Nasdaq is VERY overbought
- The Put-to-Call Ratio is neutral
Timing:
With just one trading day left in May, it’s time to look ahead to June.
Here’s your complete guide…
Summer starts in June, and summer is historically the weakest season of the year.
- June ranks 11 of 12 for the Dow Jones
- It’s the Nasdaq’s 5th-best month
- June marks the end of the “best 8 months” for the risk-on Nasdaq
- The average return for the S&P 500 is +0.1% in June, +1.5% in pre-election years
Mark your calendars for the following scheduled newsmakers…
- 2nd, Jobs report
- 13th, CPI inflation report
- 14th, PPI inflation report (AM), FOMC interest rate decision (PM)
- 16th, Triple witching
- 19th, Markets closed for the Juneteenth holiday
- 29th, Final estimate of Q1 GDP
Watchlist:
*Low Float
^Open Position
*SDA on watch
*ALAR support at $3
*AMAM support at $14
*WLDS support at $1, resistance at $2
*WTER support at $2
*VIRI support ta $1.40
ELEV support at $4
INOD support at $10
APLD support at $9
URBN support at $30
^PLAB support at $20
BTBT support at $2.50
KOPN support at $1.80
^AI on watch
NVTS support at $10
Secondary watchlist—float 100+ million
EVLV support at $5.50
ZUO support at $10
RIOT resistance at $12
MVIS support at $3.50, resistance at $4.25
^IONQ support at $10
VRT support at $18
^PLTR on watch