Morning Scoop
Happy May! As a new month starts, it’s a great time to refresh and get ready to take on new challenges. The upcoming week is filled with news and caution signs in the market. The charts may look good, but the markets can be unpredictable, so it’s important to approach them with caution and flexibility.
Markets
📰 News
- JP Morgan to acquire failed First Republic Bank.
- FED decision later this week on interest rates.
- More earnings this week from big tech APPL is up on Thursday.
📈📉 S&P 500 Futures Update
We find ourselves once again in familiar territory. We’ve made some progress, in that we’re back towards the upper end of the range we’ve been holding for the past year. However, the question remains: will we see enough buyers stepping up and staying in, or will we simply fall back down and continue along the same path we’ve been on?
🔮 Forecast
Lots of news this week, and we’re starting off with a bank failure. It’s unlikely to be a smooth week for the market, but as always, who knows. The market tends to move in the opposite direction of what seems obvious. We can expect volatility for sure, so let’s see what the week brings.
Wrap-up
Last week, we had a significant run, and the price action fooled the bears, and things felt bullish. However, less than a week later, a bank had to be bailed out, and there are concerns regarding Powell raising or not raising interest rates, among other things. This week is shaping up to be quite interesting, but it requires patience. You have to let the setups come to you; otherwise, expect to get chopped around.
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