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S&P 500 Retail Analysis, Commentary and Insights for Friday: May 31, 2024

Speciale Analysis

Hey Trader,


Finding Guidance and Truth in Trading


Navigating the complexities of the trading world can often feel overwhelming.


As you strive for success, remember the profound wisdom from:


John 16:13 - "When the Spirit of truth comes, he will guide you into all the truth, for he will not speak on his own authority, but whatever he hears he will speak, and he will declare to you the things that are to come."


In your trading journey, seek guidance from trusted sources and stay grounded in truth.


Just as the Spirit leads with wisdom, let informed decisions and sound strategies guide your trades. Embrace the lessons learned, remain patient, and trust in the path ahead.

May this verse inspire you to trade with confidence, clarity, and conviction.


Wishing you success and enlightenment!


Be Relentless In Pursuit Of The Will 

Which God Has Set Upon Your Heart,

Anthony Speciale



Testimonial


Dow falls more than 300 points as Salesforce plunges 20%


The markets closed lower on Thursday with notable movements that every retail trader should be aware of.


Here’s a breakdown of the essential updates and insights that could benefit your trading journey:


Market Performance


  • Dow Jones Industrial Average: Fell 330.06 points (-0.86%) to 38,111.48.

  • S&P 500: Lost 0.6%, closing at 5,235.48.

  • Nasdaq Composite: Dropped 1.08% to 16,737.08, reflecting weakness in technology stocks.


Major Movers


  • Salesforce: Plunged 19.7% after missing revenue expectations and providing a weak outlook, marking its worst day since 2004.



  • Nvidia: Dropped over 3%, experiencing its first negative session since a stellar earnings report last week.

  • Microsoft: Declined more than 3%, marking its worst day since October.


Key Insights


Despite the overall dip in major indexes, there was notable strength in other areas:


  • S&P 500: Over 360 stocks within the index recorded gains.

  • Russell 2000: Small-cap stocks focused index rose by 1%.


Market Sentiment


  • The week has been tough, impacted by a holiday-shortened trading period.

  • S&P 500: Down around 1.3% for the week.

  • Nasdaq Composite: Shed 1.1%, both ending five-week winning streaks.

  • Dow: Tumbled more than 2%, marking its second consecutive losing week.


Strategic Insights


Jason Heller, EVP at Coastal Wealth, notes that traders are currently adopting a "one step forward, one step back" mentality, suggesting some risk aversion following recent all-time highs. He emphasizes the importance of balancing risk and taking profits during such times.



Yield Concerns


An uptick in the 10-year Treasury yield has been a concern:


  • Higher yields typically reduce the multiples traders are willing to pay for stocks.

  • Safer investments, like Treasury bills and money market funds, become more attractive when yields rise.

  • Although the yield slipped below 4.6% on Thursday, it remained above 4.5%, a level troubling for stocks.


Looking Ahead


Despite this week's volatility, all major indexes are set to close May on a positive note:


  • Nasdaq Composite: Up nearly 7%.

  • S&P 500: Increased by 4%.

  • Dow: Rose by 0.8%.

  • All three indexes achieved record highs in May.


Market Outlook


Clark Bellin, CIO at Bellwether Wealth, highlights the continued market choppiness due to uncertainties about consumer spending and interest rates. He likens recent market behavior to a wave pattern—building momentum before receding.


Upcoming Economic News


Traders should keep an eye on Friday’s release of the Personal Consumption Expenditures Price Index report for April, the Federal Reserve’s preferred inflation gauge. The forecast:


  • Expected inflation rate: 2.7% (Dow Jones estimate), still above the Fed's 2% target.



As a retail trader, understanding these movements and insights is crucial for making informed decisions. Stay updated on market trends and be prepared to adjust your strategies based on economic indicators and market sentiments.


By staying informed and flexible, you can better navigate the market's twists and turns. If you have any questions or need further insights, feel free to reach out. I'm here to support your trading journey in any way I'm able to . . . info@specialeanalysis.com




S&P 500 Chart Analysis

S&P 500 Retail Analysis for Friday: May 31, 2024


Let's break down some important numbers for you to keep an eye . . .


If we see the market push towards 5315.00, there's a good chance of resistance being found and price could then push lower towards 4990.00. Potentially continuing to fall from there if selling pressure amounts.


But if the market goes up and closing above 5315.00, it could mean that the buying pressure might be ramping up, and we might start seeing things keep climbing. Perhaps even towards 5462.00 on the horizon, and maybe even beyond that in time.


CLICK HERE For Professional Analysis Reports - Including: Intraday Trading Levels, Short & Long Term Expectations, Full Write-Ups and Chart Images ... Delivered Daily


So, keep an eye on these numbers, and let's see where the market takes us!


Happy Trading,

Speciale Analysis

 
 
 

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