How Do Things Stand in the Market as of Sunday, May 5th? Here’s My Take…

Good Morning, Traders & Investors!

Though the major indexes all made short work of their 21-day moving averages Friday, with the exception of the Nasdaq, they’re just a little shy of their 50-days. Plus, Friday’s lower volume understandably left traders wanting more convincing before putting a lot of money at risk. Thankfully, there are few potentially market-moving economic reports on the docket for next week.

There are, however, lots of companies queued up to report their earnings next week, including most of the tech companies and others in our watchlists, like Palantir Technologies (PLTR), ARM Holdings (ARM), recent IPO Astera Labs (ALAB), as well as a lot of other non-tech companies. Until the market indexes are convincingly back above their 50-day moving averages keep any trades you make on a short leash, watching them carefully. Though the market has become used to the 10-year Treasury’s move well above 4%, it still bears watching as a barometer on our inflation picture.