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- Sell in May?
Here is a quick recap of Markets for the Week of May 31st, 2024 and what we are watching this week
Losses to close out a short holiday week and a strong May.
Investors the last couple of years have sold in May and gone away as summer vacations kick off, could this year be different though? 🤔
S&P 500 -0.5% week / +5.06% for the month
Russell 2000 flat for the week / +5.04% for the month.
Nasdaq Composite -1.1% week / +6.28% for the month
Dow Jones Industrial $DJI -1.0% week / +2.30% in May.
Downside bias as markets consolidate.
Here are the key points from last week:
Retail Earnings 📈 - positive earnings reaction from Best Buy (BBY) +18.63%, Foot Locker (FL) +25.65% while Kohl's (KSS) -15.48% and Dollar General (DG) -5.73% sold off. Dow component Salesforce (CRM) -13.90% was a losing standout.
The April Personal Income and Spending report - showed the year-over-year PCE inflation rates did not worsen; however, they did not improve either, so it seems unlikely that the Fed would find any new confidence in this report that inflation is moving sustainably toward its 2% target.
NVIDIA (NVDA) - jumped +26.9% in May.
S&P 500 Heat map for the week
Sector Performance Breakdown for last week, month of May and last 3 months.
The Week Ahead
Monday, June 3rd - Friday, June 7th, 2024
Attention this week will be focused on:
JOLTS - Job openings have been solid. April's consensus is slowing to 8.4 million vs. March's 8.488 million.
- The Labor Department's JOLTS report tracks monthly change in job openings and offers rates on hiring and quits. The word JOLTS stands for Job Openings and Labor Turnover Survey..Employment Situation- A 195,000 rise is the call for nonfarm payroll growth in May vs. a lower-than-expected 175,000 in April.
Average hourly earnings in May are expected to rise 0.3% on the month for a y/y rate of 3.9% vs. April's rates of 0.2% and 3.9%, which were also lower than expected.
May's unemployment rate is expected to hold unchanged at April's 3.9% which was less tight than expected.- The employment situation is a set of monthly labor market indicators based on two separate reports: the establishment survey which tracks 650,000 worksites and offers the nonfarm payroll and average hourly earnings headlines and the household survey which interviews 60,000 households and generates the unemployment rate.
Nonfarm payrolls track the number of part-time and full-time employees in both business and government.
Most Anticipated Earnings this week
$SPY: S&P 500 was basically flat last week for another inside candle on the weekly chart.
Strong close by the bulls on Friday after what started out as an ugly sell day.
SPY is consolidating really 520-530 range. Over 530-532 starts its next wave up; under 520 look for markets to pullback some more.
SPY over 532 trades to 535,538,540,545. Under 522 down to 520,515,510
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🚨Watchlist 👨🏫
$ENPH: Enphase Energy is a solar name we are watching this week as the sector took a nice pop last week.
Enphase has been trading in a tight range $100-$130 for months, if it can get over and hold above $132-$135 it may make a +20%-25% move.
ENPH over 135 has room to 145,155,165. Under 125 pulls back to 120,115,10
$HPE: Hewlett Packard Enterprise is reporting earnings Tuesday after the close.
Wall St projects .41 cents EPS with revenues between $6.6 billion and $7 billion.
HPE over 19 has room 22,25,28,30. Under 16.50 down to 15 and 13
$CRWD: CrowdStrike Holdings is also reporting earnings on Tuesday, while cybersecurity stocks have gotten clobbered lately CrowdStrike chart is still holding up well.
Wall Street expects EPS of .90 cents with total revenues of $902 million.
CRWD needs to reclaim 330 for a move to 345,360,375. Under 290 trades down to 275 and 260
$GME: GameStop has been consolidating nicely in a $20-$25 range and may be setting up for highly speculative 20-30% move. 👀
GME over 26 has room to 30,35,40. Under 20 the play is dead and has room to 15,10
*None of these stocks above are recommendations to buy, sell or trade. We do not give financial advice, you should always do your own due diligence and practice proper risk management.*
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