5/29 Cautiously Bullish. 190 Buying | 150 Selling.
T2108 is Bullish. Primary Indicator is Bullish. 20% Weekly is Bullish – Caution.
The market consolidated with broad sector weakness and light volume ahead of NVIDIA’s earnings, reflecting cautious investor sentiment amid rising Treasury yields and geopolitical tensions.
Utilities, Energy, and Materials led sector declines, while pockets of strength emerged in AI-driven software names like BOX, which surged on strong earnings and raised guidance. Volatility remains subdued with VXX declining, supporting stability despite sector rotation.
Tomorrow’s focus will be on Q1 GDP data, Initial Jobless Claims, and a $44 billion 7-year note auction, which could influence Treasury yields and risk appetite.
Key Takeaway:
Traders should adopt a cautious stance, favoring names with strong earnings momentum and clear support levels. Avoid chasing broad market rallies as volume remains light and leadership is uncertain. Watch Treasury yields and key economic data for potential volatility spikes that could offer swing entries or exits.
Watchlist
Continuation: FULC (S1: 6.5, S2: 6.5, S3: 6.5, R1: 6.9, R2: 7, R3: 7.5)
Anticipation: URBN (S1: 73.5, S2: 74, S3: 74.5, R1: 75, R2: 75.5, R3: 76)