Market Report May 18 2022

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Market Report for May 18 2022

S&P and Nasdaq

Market change

Comments:
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!