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Writer's pictureKapproveb Alcyone
2 min read

S&P 500 Forecast for Monday, May 10, 2021

Updated: Aug 8, 2022

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92% (11 correct statements out of 12 statements.)


Today's theme is that of a change in fortune. The main highlight of the S&P 500 behavior for today is a reversal. In the premarket investors are inundated with choices causing confusion and indecision. This is reflected by the S&P 500 testing resistance twice before breaking down through a support level then bouncing along the next support level before breaking down through multiple support levels. Right around the open sideways bullish rotation reflects defensive sentiment yet investors are determined to move higher. Right around the open through 10:00 AM I am presented with an opportunity to [take profits] AND/OR [take credits] through [short selling] AND/OR [options contracts]. From the open through roughly 11:00 AM the S&P finds and tests support before moving higher out of a day's low. From right around 11:00 AM a powerful move higher on huge volume breaks out through two resistance levels while traveling along a diagonal trend line. The rally continues through around 12:10 PM at which point there is a transition into flat sideways movement with light volume; negotiations at a standstill are highlighted at this time. Between roughly 12:00 PM and 2:00 PM the S&P pokes through the same resistance line 3 times before declining. Added that decline and around 2:00 PM an extremely powerful rally commences with a very noticeable strong jump higher out of a [decline] AND/OR [trough]. An economic leader is highlighted in the last hour of trading further fueling the rally with bullish rotations around the close. With overall significant moves higher right around the close there's another [powerful move higher] AND/OR [a major rally as stocks jump]. In the post market the strong rally continues to move the S&P 500 higher even in the face of seemingly overwhelming headwinds. A further note the S&P activity around the day's high will be marked by flat movement on low volume. The day's lows are marked by declines from a peak down to support level.






 


U.S. job growth misses all estimates
RSTAMOM, Sadove: consumer coming back with vengeance
Energizer shares up after better-than-expected earnings; Sadove: consumer going cashless
(FB), (GOOGL), Nasdaq down 3 straight weeks 2.7% below record close
(FCX), Best sectors during May: energy, materials; Supply-side concerns roil markets
Raimondo: "all hands on deck" on cyberattack; Kashkari: U.S. labor mkt remains in "deep hole"
Dogecoin tumbles Elon Musk SNL effect; New U.S. COVID infections tumble
(COST), Stocks aim for more records Dow, S&P 500 at record highs
Chicago FED: looking for strong outcome in data
Record high for Dow
Back at the big board NYSE reopens to media, more traders
Colonial pipeline shutdown due to ransomware attack; Raimondo: unfortunately hacks are becoming more frequent
Marriott CEO on outlook; Gasoline, oil jump on colonial hack
(ORCL), Software sell-off best buying opportunities
NYCNM1IR Index, FED: home price-change expectations rise 5.5% to series high
Software sell-off best buying opportunities
Currie: commods depend on level of demand
(INTC), (AMD), (QCOM), (QRVO), Tech falls more than 1% tracking the biggest losers
(ORCL), Oracle downgrade
(MU), Tracking the trades investment committee's moves; Hack knocks out pipeline for third day with traders on edge
WH: Pres. Biden regularly briefed on colonial cyberattack; Granholm: supply of gas has not yet been impacted
(KMI), Top stocks to watch the halftime report; Neuberger: darkside is a criminal actor
(FB), Citi downgrading Facebook, Alphabet to neutral; Biden prepares to meet with GOD leaders
Stay-at-home habits here to stay or fade away?; U.S. offers states $350 billion in virus aid, with conditions
(INTC), Ev and alternative energy stocks sink lower
Can't stop the music Jefferies says buy Live Nation; A deep dive into the rise of Amazon
(PLTR), Tech under pressure cloud stocks, recent IPOs slump
Coty CEO on building covergirl brand leadership; Romaine Bostick
(ARKK), Wood: I love this setup in the market; Equity Index
(AFRM), (WYNN), (RBLX), (SPCE), Affirm holdings revs. beat $230.7M vs. $198.2M est
Virgin Galactic loss ($0.55) vs. ($0.27) est
Secy. Buttigieg on economic recovery outlook; QQQ
(AMZN), Where are yields headed?; Shutdown exposes vulnerability of U.S. energy infrastructure
Pipeline set to be restored in days
(PFE), (BNTX) FDA authorizes Pfizer-Biontech vaccine for emergency use in adolescents
Hack attack major U.S. pipeline shutdown
Inflation angst rises
A the selloff in big tech continues, Cramer's taking a closer look at the stocks that can buck the trend
USGGBE05, Kaplan: need balance on inflation
Bottom line: these stocks are in as short supply as the products they make - that's why they keep going up
Colonial segment will only run for 'limited period of time'
Could Five Below, Inc. (FIVE) Continue to benefit from pandemic-induced shopping?
(HOMB); Hack exposes cyber vulnerability
FDA authorizes Pfizer's COVID vaccine for kids 12 to 15
Biden admin scrambles to get pipeline back online after ransomware attack

#92%Accuracy




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