Stock Market Outlook entering the Week of May 28th = Uptrend

• • • ADX Directional Indicators: Uptrend
    • Price & Volume Signals: Uptrend
    • Elliott Wave Analysis: Mixed

ANALYSIS
The stock market outlook maintained an uptrend, with the S&P500 ($SPX) ending the week with a 0.3% gain.

The ADX is bullish, as is price/volume.  Distribution days are elevated (>5); something to keep an eye on.

Elliott Wave remains mixed.  There’s no stand-out case to be made at this point, so it’s best to let the market come to us on this signal.

COMMENTARY
Short trading week this week, and a short/late blog post this week on account of the Memorial Day holiday.

Last week, Nvidia blew out earnings estimates and raised guidance.  An impressive feat, given the lower performance from the competition (Intel, Advanced Micro Devices, Micron, etc.).   And the BEA publish April PCE, which was higher than expected.

Over the weekend, a high level agreement on the debt ceiling was reached.  Now it needs to pass through Congress…easier said than done these days.

Best to Your Week!

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Sources: Bloomberg, CNBC, Federal Reserve Bank of St. Louis, Hedgeye, T1 Alpha, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics

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