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In today’s Morning Market Briefing, presenter Fausto Pugliese of CyberTrading University cautioned about “forcing” trades today since he expected a slower market following the Memorial Day market holiday. “Do not be aggressive today” was his warning.
The S&P Core Logic Case-Shiller Index of home prices reported this morning and the Conference Board releases its Index of Consumer Confidence.
Overnight, the MSCI Asia Pacific Index lost 0.4 percent, while Japan’s Topix index closed 0.5 percent lower for a seventh day of declines.
In Europe, the Stoxx 600 Index was 1.4 percent lower by 5:50 a.m. Eastern Time, with Italy’s main Milan gauge 2.9 percent lower as banks sold off, and Spain’s IBEX 35 Index down 2.8 percent.
Earnings today included, Booz Allen Hamilton, salesforce.com, HP, Inc. and Bank of Nova Scotia.
Most of the big earnings reports have now occurred, and so far they've done little to boost the market. Companies like Microsoft (MSFT), Meta Platforms (META), Netflix (NFLX), Caterpillar (CAT) and Intel (INTC) reported profits above Wall Street estimates. However...
Royal Caribbean Cruises has spent more than two months consolidating, but it may be getting ready to move again. The first pattern on today’s chart is the trendline along the closes of December 28 and January 31. RCL ended yesterday above it, which could make some...
Lululemon spent more than half of 2023 in a range, but now it could be starting to run. The first pattern on today’s chart is the bullish gap after LULU was added to the S&P 500 last month. The stock pulled back in late October, made a higher low and proceeded to...