5/5 Cautiously Bullish. 575 Buying | 135 Selling.
T2108 is Bullish. Primary Indicator is Bearish – Caution. 20% Weekly is Neutral.
The market extends its winning streak with strong momentum despite mixed earnings and tariff concerns, supported by solid jobs data and optimism on US-China trade talks.
Communication Services and Financials led gains, while volatility remains subdued as VXX stabilizes near recent lows.
Monday’s key catalyst is the April ISM Services report, with a 3-year Treasury note auction also on tap.
Key Takeaway:
Swing traders should focus on continuation setups in leading sectors like Communication Services and Financials while respecting resistance near recent highs. Caution is warranted given the bearish primary indicator and mixed earnings; tight stops below key support levels are recommended. Watch for a breakout above SPY 570 and QQQ 491 to confirm bullish momentum continuation.
Watchlist
Continuation: DUOL (S1: 475, S2: 470, S3: 465, R1: 485, R2: 490, R3: 495)
Anticipation: VRTX (S1: 498, S2: 500, S3: 503, R1: 503, R2: 505, R3: 510)
