• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock Daily Briefing Notes for the Market
Stock

Daily Briefing Notes for the Market

by May 8, 2023
by May 8, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

I am back from 2 weeks of whirlwind travel and presenting at both the Money Show in Las Vegas and Charting Forward at StockCharts.com. I thank Geoff Bysshe, the President of MarketGauge.com for filling in for me.

After the market has absorbed bank crises, debt ceiling talk, the Fed Funds rate at 5.25%, earnings misses and beats, calls for recession, and hopes for lower inflation, we have plenty more to say.

Since I will be joining Maggie Lake and the folks at Real Vision at 4PM ET (you can find it on their channel on YouTube), I thought sharing my notes in preparation for that would be a good comeback for my Daily writing.

The S&P 500 charts show 2 different timeframes. The first is the daily chart.

SPY is in a daily bullish phase. The price is not too far from the early May peak, which sits just under the 23-month moving average or 2-year business cycle. The Real Motion indicator illustrates no real divergence, as that too is in a bullish phase.

On the weekly charts, SPY is also in a bullish phase above both the 50 and 200-WMAs. Momentum, here, has a divergence. SPY momentum sits on the 50-WMA, which sits beneath the 200-WMA or in a recuperation phase.

What do these charts suggest? Based on this, would you “sell in May, and go away?”

Market resiliency with just a touch of pessimism.

Some areas to watch:

KRE or Regional Banks — if the price holds 37.05, then it is possible the worst is over. If that level fails, expect more bad news.

The Economic Modern Family — regardless of what SPY is doing, the Russell 2000 (IWM) needs to hang in there and clear 180. Granny Retail XRT must hold 60.

Transportation IYT — a bright spot and, if it clears 230, the case for more upside is clearer.

Inflation — basic materials lag, but industrial metals, particularly copper ($3.93), played catch up.

Precious metals (gold $2028 Silver $25.70) — These continue to outperform. With CPI PPI this week, we will know a bit more, although CORE PCE is still high.

Oil — China consumption rose. Brent Crude Oil rallied to $77.00 per barrel. Above $80, shorts will cover and energy will rebound higher.

102 stocks made new 52-week highs today, with Shopify, O’Reilly, Shake Shack, Builders FirstSource being a few. 111 stocks made a new 52-week low; Match.com and Tyson Foods stood out.

Tech stocks — Apple looks amazing, as do Microsoft and Nvidia. The Semiconductors ETF, SMH, is over a key monthly MA and could expand.

Dollar — As long as it holds 100.70, neutral.

Some picks:

Live Streaming Sports and MusicCountry ETF VietnamBiotech stocksCopper 

Our discretionary trading strategy is now based on finding instruments using our Complete Trader Scans that fits one of these setups:

Buying instruments close to but holding the longer-term MAShorting instruments that have failed the shorter-term MABuying momentum on instruments that are clearing the shorter-term MAKeeping all trading light until the SPY clears the shorter-term MA. And when/if SPY does, we will buy, but also watch to see if small caps (IWM) can get close to its MA at 200.

My prediction? SPY, QQQs, and DIA continue to rally until IWM cannot clear $200; then everything sells off again.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

IT’S NOT TOO LATE! Click here if you’d like a complimentary copy of Mish’s 2023 Market Outlook E-Book in your inbox.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

In the Q2 edition of StockCharts TV’s Charting Forward 2023, hosted by David Keller, Mish joins RRG Research’s Julius de Kempenaer and Simpler Trading’s TG Watkins for an roundtable discussion about the things they are seeing in, and hearing about, the markets.

Mish and Dave Keller discuss why Mish believes that yields will peak in May, what to expect next in gold, and more in this in-studio appearance on StockCharts TV’s The Final Bar!

Mish explains why Grandma Retail (XRT) may become our new leading indicator on the May 4th edition of Your Daily Five.

Mish discusses the FOMC and which stock she’s buying, and when on Business First AM.

Mish covers strategy for SPY, QQQ, and IWM.

Mish and Nicole Petallides discuss cycles, stagflation, commodities and some stock picks in this appearance on TD Ameritrade.

Mish talks movies and streaming stocks with Angela Miles on Business First AM.

Mish and Charles discuss zooming out, stagflation and picks outperforming stocks in this appearance on Making Money with Charles Payne.

Coming Up:

May 8th: Real Vision Daily Briefing

May 11th: Jim Pupluva, Financial Sense Podcast

May 19th: Real Vision Analysis

ETF Summary

S&P 500 (SPY): 23-month MA 420.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): Over the 23-month MA-only index.Nasdaq (QQQ): 329 the 23-month MA.Regional Banks (KRE): 42 now pivotal resistance.Semiconductors (SMH): Split 2:1 now above 23-month MA at 124.Transportation (IYT): 202-240 biggest range to watch.Biotechnology (IBB): 121-135 range to watch from monthly charts.Retail (XRT): 56-75 trading range to break one way or another.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

You Might Also Like
  • Week Ahead: NIFTY In Uncharted Territory; Adopt This Simple Approach Towards Markets
  • Is FedEx’s Long-Term Uptrend in Jeopardy? Here’s What to Watch.
  • S&P 500 Sinks on Software and Semiconductor SELLOFF
  • Which Cyber Security ETF is the Strongest?
Share
0
FacebookTwitterPinterestWhatsapp

previous post
DP Trading Room: Beware These Groups of Stocks
next post
Small-Caps Feel the Pinch “Under the Hood”

You may also like

DP Trading Room: Bonds & Yields At An Inflection Point

May 13, 2024

Why Homebuilder Stocks are on Fire Right Now!

July 18, 2024

DP Trading Room: Carl’s Grab Bag! – Chipotle (CMG), NVDA,...

June 24, 2024

Ready for the Pullback

February 10, 2023

Nasdaq 100 A-D Line Divergence

May 5, 2023

Top Stock Areas After the Rally: What Smart Money Is...

April 26, 2025

Top Ten Charts for August: Two Key Defensive Plays

August 21, 2024

Emerging Markets vs. U.S. Markets

December 2, 2023

What Happens When the S&P 500 Breaks Below Gap Support?

May 23, 2025

Economic Modern Family — Home for the Holidays

November 24, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,581)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Week Ahead: NIFTY Likely To Ring...

    December 30, 2023

    Top 5 Stocks in “Go” Trends...

    August 9, 2024

    Cruise Line Stocks Just Exploded! Here’s...

    June 25, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here