5/16 Bullish. 250 Buying | 180 Selling.
T2108 is Bullish. Primary Indicator is Bullish. 20% Weekly is Bearish – Overbought.
The market showed resilience with gains in the Dow and S&P 500 amid falling yields and a mixed economic data slate, suggesting strength despite overbought conditions.
Technology and healthcare sectors led performance, supported by strong momentum in stocks like ADP and MSFT, while volatility remained subdued as VXX held steady.
Friday brings key economic data including April Housing Starts, Building Permits, Import/Export Prices, and preliminary May University of Michigan Consumer Sentiment, all closely watched for guidance on growth and inflation.
Key Takeaway:
Swing traders should focus on tech and healthcare sectors for continuation plays, watching for volume confirmation on breakouts near resistance levels. Caution is warranted given the overbought 20% weekly indicator; consider trimming positions or tightening stops on extended names. Monitor upcoming economic releases for potential catalysts that could shift momentum or increase volatility.
Watchlist
Continuation: ADP (S1: 314, S2: 312.5, S3: 310.5, R1: 318, R2: 319.5, R3: 322)
Anticipation: NVDA (S1: 131, S2: 133, S3: 134, R1: 136, R2: 137.5, R3: 140)
