Up, Down, And All Around, Which Way Will Stocks Go On May 19

Don’t forget Powell and Mnuchin are live today, together, at 10 am.

Stocks are falling this morning, at least for now. They had been up sharply overnight but reversed lower.

Germany

The reversal took place all across Europe as well, after the German DAX topped out its April 29 highs.

dax

FTSE 100

Interestingly you are seeing the same thing occurring in the FTSE 100 this morning.

ftse 100

S&P 500 (SPY)

Meanwhile, you can see the same pattern in the S&P 500 ETF SPY. So if you are bull, you need the index to push higher to keep this from turning into something the bears would like, a successful retest of the breakdown in the rising wedge pattern, and lower prices.

Walmart (WMT)

Walmart reported strong first-quarter results, and that is helping to lift the markets with the stock up over 4%. I don’t have much here to add at this point, other than $132-133 region is level of strong resistance.

Regardless the only thing that continues to matter is the performance of the big five stocks since they account for 40% of the NASDAQ 100 and 20% of the S&P 500. So how they are performing today will matter much. Again, each of these five stocks continues to lie in precarious spots, all with negative trends.

Amazon (AMZN)

Amazon appears to be the one that has struggled the most, with share just trading sideways since April 16.

Amazon, amzn

Apple (AAPL)

Meanwhile, I still think Apple is at considerable risk of falling back to $265.

I go through all the others in a free video I did over the weekend, in case you didn’t get to see it.

Nvidia (NVDA)

Nvidia is no small fry in the indexes either, and they report results on May 21. So given the massive move higher, one would think they are just going to crush it and must have something speculator to say about future quarters. That would come in total contrast to what AMD and Intel had to say, but who are AMD and Intel, other than Nvidia peers. Still, the stock is trading at an all-time high, so who I am to doubt the collective minds of the matrix, I mean the market.