Technical Market Report For Saturday, May 1

The chart below is similar to those above, except it shows the average daily performance over all years for the DJIA in May in grey, and the average performance during the first year of the Presidential Cycle in green.

Conclusion

Aside from marginal new all-time highs for the OTC and the SPX, not much happened last week. New highs failed to confirm the index highs, while new lows remained non-threatening. May could be fun; May in PY1 has been the best of the four years by far.

The strongest sectors last week were finance and technology, while the weakest were electronics and precious metals (down from the top last week). I expect the major averages to be higher on Friday, May 7 than they were on Friday, April 30.

Last week, none of the major indices moved as much as 1%. The SPX was up slightly while the other major indices were down slightly. So I am calling last week's positive forecast a tie. 

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