5/23 Bearish. 250 Buying | 150 Selling.
T2108 is Bearish. Primary Indicator is Bullish – Caution. 20% Weekly is Neutral.
The market closed mixed amid Treasury yield volatility after the House passed a large reconciliation bill, with growth stocks leading a late recovery.
Consumer discretionary, communication services, and tech sectors showed modest gains, while utilities and financials lagged; volatility eased after early spikes in bond yields.
Watch for Friday’s April New Home Sales data for further housing market clues amid rising mortgage rates and affordability concerns.
Key Takeaway:
Swing traders should remain cautious as Treasury yield fluctuations continue to pressure equities, especially outside mega-cap growth names. Focus on names with confirmed momentum and relative strength, like SNOW, while avoiding sectors showing broad weakness. Use tight stops near key support levels and monitor volume for signs of sustained buying or distribution.
Watchlist
Continuation: CTGO (S1: 17.5, S2: 17.5, S3: 18, R1: 18.5, R2: 18.5, R3: 19)
Anticipation: ADBE (S1: 413, S2: 413, S3: 415, R1: 418, R2: 420, R3: 425)
