Market Report May 18 2022

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Market Report for May 18 2022

S&P and Nasdaq

Market change

While we are not trading this market, we are certainly watching it. The premarket for Tuesday was bullish and while intraday we saw some weakness on the 1-minute chart below, we did close positive for the session.

Intraday market

All sectors bathed with the bulls except for Consumer Staples which closed -0.69%.

The S&P has resistance at 4.114.65 and Nasdaq at 12555.35. A break above these levels and we could see further strength. A failure to break these levels and we are very much remaining in a choppy to bearish environment.

Fed Chair Powell said the Fed will be more aggressive with rate hikes if inflation doesn’t come down in a clear manner but also mentioned that the Fed can be less aggressive if inflation does clearly come down.

Let’s go trade!