5/28 Cautiously Bullish. 675 Buying | 150 Selling.
T2108 is Bullish. Primary Indicator is Bullish. 20% Weekly is Neutral.
The market rallied broadly on tariff delay news and stronger-than-expected consumer confidence, with Treasury yields retreating and volatility sharply declining. Tech and consumer discretionary sectors led gains, supported by institutional accumulation and positive momentum in mega-caps and small-caps.
Technology and communication services showed strong volume and price action, while utilities and energy lagged modestly. VXX dropped 13.6%, confirming reduced fear and a risk-on environment.
Fed minutes from May 6-7 and a $70B 5-year note auction are key catalysts to watch on Wednesday.
Key Takeaway:
Focus on tech and consumer discretionary stocks showing volume-supported breakouts, while managing risk near key support levels. Avoid defensive sectors showing weakness and monitor upcoming Fed minutes for volatility shifts. Use tight stops below support on continuation setups and consider fading weak sectors until confirmed strength returns.
Watchlist
Continuation: TSLA (S1: 360, S2: 358, S3: 355.5, R1: 364, R2: 366, R3: 368.5)
Anticipation: BWXT (S1: 121.5, S2: 121, S3: 120.5, R1: 122.5, R2: 123, R3: 123.5)
