Go PFE bin in it on system long.

If I were a conspiracy theorist I might postulate that Powel will strike a hawkish tone because the "Deep State" wants to bring down market valuations to make them more attractive for a run-up into the election. I am not a conspiracy theorist, however, I'm favoring that type of scenario playing out so looking for more downside here. I could be completely wrong and will follow your mantra to "trade what's in front of us."

I think Janet might give JPOW some leash on the honesty front pretty soon. Right now he is completely censored and hasn't said a peep about either fiscal policy or illegal immigration effects (he is self censoring but I'm sure there is a ton of pressure in an election year). Anyway, I think Janet might green light some honesty just to get closer to a rate cut.  Higher rates are not helping curb inflation  and JPOW can't control it at this point....we're in fiscal dominance phase.  He can tiptoe around that point to some middle ground if Janet allows.

The hard part about changing courses is that Congress and the Admin are very happy being able to point fingers at the Fed when people complain about inflation. Just a couple of weeks ago, the deputy Treasury sec said "Inflation is completely under the Fed's purvue, but I think they are doing a good job overall."  He was VERY quick to make sure the CNBC audience was pointing the finger at the Fed and not the fiscal side. 

NAAIM Exposure Index Number is at a current level of 59.48, down from 62.98 last week and down from 78.26 one year ago. This is a change of -5.56% from last week and -24.00% from one year ago.

Change from Last Week: 11.44%

Region: United States

Value from Last Week: 93.22        It dropped to 54 early in Jan then took off again to upside. 

I asked WTF about  the fundamentals the other day and gave a few details where it seemed weird, but no one took the bait. When this thing falls, I think it will be like SMCI.  Shiny valuation is questionable, at best = very little valuation support. But I didn't ask about the valuation because I understood it...so maybe I'm missing something. 

SPX 10m

Maybe .... rumour has it Jay's most played song on his Spotify is this hits from the 80's ...  can't be a coincidence ...

I actually read this in few places that Yen weakness is worrying fed and they may signal dovish

Are we are at the stage now where the market may be more afraid of an immediate cut (Fed turning Dovish).  Just a thought.  We will continue to trade what's in front of us.

Utilities stocks having a nice day, many at HOD

SPXU ... If this would be a Stock, it would look good for a long from that small base with a 50dma support and rising EMAs ...   

Breaking this down even further, perhaps it’s best not to sell in May, because President Joe Biden is running for reelection. In the 11 presidential election years since 1948 in which there was an incumbent candidate, the SPX averaged a 7.57% return with an impressive 91% of the returns positive. from  Schaeffer's 

$IWM green

Yes, see earlier comments - it has already provided a few bounces.  Listen closely to every word spoken last night in regards. 

Steve/Matt

 would you consider this as demand zone where QQQ is at now ?

DELL looking weak

NIO -  NIO delivered 15,620 vehicles in April 2024, representing a strong increase of 134.6% year-over-year. The deliveries consisted of 8,817 premium smart electric SUVs, and 6,803 premium smart electric sedans.  Cumulative deliveries of NIO vehicles reached 495,267 as of April 30, 2024.    

Hi Matt. Below the 50SMA, the symmetry target is $91.41. Do you think that would be a reasonable bounce entry, if it gets there? if not, what levels interest you? Thanks

Oil taking a beating today ... 

SBUX monthly log chart, not adjusted for dividends. Still playing with what seems to make sense for which charts. Huge volume support is down in the high 50s (long term target?), which also would complete the round trip of this topping arc look