spot_img
HomeBusinessWeekend Inventory Market Outlook – Could 19 2024 Acquire US

Weekend Inventory Market Outlook – Could 19 2024 Acquire US

Inventory Market Outlook getting into the Week of Could nineteenth = Uptrend

  • ADX Directional Indicators: Uptrend
  • Worth & Quantity Alerts: Uptrend
  • On Stability Quantity Indicator: Uptrend

ANALYSIS
The inventory market outlook begins the week in an uptrend, with the index simply shy of an all time excessive, because of April CPI knowledge.

The S&P500 ($SPX) rose 1.5% final week and now sits above the 50 and 200-day transferring averages (~3% and ~9% respectively).

SPX Worth & Quantity Chart for the Week of Could 19 2024

The ADX and OBV alerts are bullish heading into the week, displaying consumers remained extra aggressive than sellers final week. Worth/quantity shifted to an uptrend on Wednesday, after the SPX responded to dovish CPI knowledge with a follow-through day. The transfer additionally resets the distribution day rely.

Weekly price performance of S&P500 sector ETFs

S&P Sector Efficiency for Week 20 of 2024

Most sub-sectors of the S&P500 had been inexperienced on an absolute foundation, however most of these positive factors had been generated by the final index.  Expertise ($XLK) paved the way final week, whereas Industrials ($XLI) had been the worst performer.

From an asset perspective, a weak greenback benefited all lessons. The chance-on response to a dovish CPI print despatched the value of Bitcoin nearly 11% greater for the week, breaking out of the current consolidation sample.

Weekly price performance by asset class

Asset Class Efficiency for Week 20 of 2024

COMMENTARY
The “large information” final week was the return of the “RoaringKitty” X.com/Twitter account.  After radio silence since June 17 2021, a cryptic meme appeared Sunday:

Weekend Inventory Market Outlook – Could 19 2024 Acquire US Obtain US

This picture was all it took to ignite a frenzy of social media hypothesis a few potential brief squeeze in Gamestop ($GME), the ticker that made Keith Gill a family identify.  Which, in fact, led to an enormous stage of buying and selling in a number of meme stocks previous to the market opening on Monday, in addition to the remaining the week.

Unsurprisingly, there was no “actual” information driving the transfer, and the tickers gave again a majority of their positive factors.  There’s even some who declare that Mr. Gill offered the “RoaringKitty” account, calling into query who’s posting and for what goal (aside from your basic pump and dump).  Simply one other reminder to watch out while you’re on the web.

In different information, Federal Reserve Chairman Jerome Powell participated on the Overseas Bankers’ Affiliation’s Annual Normal Assembly in Amsterdam, reiterating the stance that inflation stays sticky, however the U.S. economic system continues to be performing nicely primarily based on GDP progress, tight labor markets, and strong family funds.

His remarks got here after the pre-market launch Producer Worth Indexes, which confirmed Headline and Core inflation accelerated in April. Market response was muted, seemingly on account of the truth that the will increase had been in keeping with expectations.

PPI (y/y)PrecisePriorAnticipated
Headline+2.2%+1.8%*+2.2%
Core+2.4%+2.1%*+2.4%

*March Headline PPI was revised all the way down to 1.8% from 2.1%; Core PPI to 2.1% from 2.4%

On Wednesday, the BLS launched April CPI knowledge, displaying that Core and Headline figures eased barely in April. Market response was bullish on renewed expectations for rate of interest cuts.

CPI(y/y)PrecisePriorAnticipated
Headline+3.4%+3.5%+3.4%
Core+3.6%+3.8%+3.6%

This week kicks off with a Sunday speech from 5 (!) speeches from Federal Reserve officers; one Sunday afternoon from Chairman Powell, and 4 Monday morning from Bostic, Barr, Waller, and Jefferson.  Then Tuesday is extra of the identical, with eight (!!) extra speeches!

FOMC minutes from the final assembly get dissected Wednesday afternoon, and Sturdy Items Orders for April hit the wires on Friday.

Finest to Your Week!

P.S. Should you discover this analysis useful, please inform a buddy.
Should you don’t, inform an enemy.

Sources: Bloomberg, CNBC, Federal Reserve Financial institution of St. Louis, Hedgeye, Stockcharts.com, U.S. Bureau of Financial Evaluation, U.S. Bureau of Labor Statistics

Make investments Safely, LLC is an impartial funding analysis and on-line monetary media firm.  Use of Make investments Safely, LLC and some other merchandise accessible by way of invest-safely.com is topic to our Phrases of Service and Privateness Coverage.
Not a advice to purchase or promote any safety.

#Weekend #Inventory #Market #Outlook

RELATED ARTICLES
Continue to the category

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

Recent Comments