Morning Scoop
The first day of May brought the same as April – up and down, yet we go nowhere. It’s like taking two steps forward and two steps back. Let’s see if May will bring us some direction or if we’ll continue to see a range-bound market.
Markets
📰 News
Chegg is down over 30% this morning after they reported chat GPT is taking a toll on its business.
📈📉 S&P 500 Futures Update
The market moved up in the morning, but then dropped throughout the day, leaving us without a clear direction. This lack of direction can make it challenging for traders to make consistent profits and can lead to getting chopped up.
🔮 Forecast
At the moment, we are experiencing a short-term uptrend. However, it is crucial that this trend holds and confirms throughout today. If we continue to see price making lower lows on our lower time frames, our bias may need to change. Therefore, it is important to exercise patience and continue to follow the trend until it shows us a different direction.
Wrap-up
May has begun with a turbulent start, much like April. While I would prefer some direction, uncertainty persists. These conditions make it challenging to secure upside moves or ascertain a clear direction. As the FED is scheduled to speak tomorrow and rates are likely to increase, it is anyone’s guess which direction the market will take.
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