5/15 Cautiously Bearish. 220 Buying | 300 Selling.
T2108 is Bullish. Primary Indicator is Bullish. 20% Weekly is Bullish – Extreme Caution.
Market paused after recent rally as Treasury yields ticked higher, with Nasdaq and mega caps leading modest gains while broader indices showed mixed results.
Tech and growth sectors remain the primary drivers, supported by strong volume in mega caps like NVIDIA and Microsoft, while energy and retail sectors show mixed momentum amid economic uncertainty. Volatility remains contained with VXX steady.
Ahead tomorrow: April PPI, Core PPI, Retail Sales, Empire State and Philadelphia Fed surveys, Industrial Production, and Business Inventories will provide fresh economic direction.
Key Takeaway:
Swing traders should focus on tech and growth names showing relative strength and volume, watching for breakouts above key resistance levels. Caution is warranted given rising yields and overbought conditions suggested by extreme caution in the 20% weekly study. Use tight stops near support to manage risk and avoid chasing weak sectors or names lacking volume confirmation.
Watchlist
Continuation: MSFT (S1: 451, S2: 449.5, S3: 448, R1: 453, R2: 455, R3: 457.5)
Anticipation: APLD (S1: 6, S2: 5.9, S3: 5.85, R1: 6.1, R2: 6.2, R3: 6.35)
