A Sluggish Weekly Open On Wall Street
Shain Vernier • 1 min read
The second full trading week of May is in full swing, with stocks coming in mixed. At the halfway point of the Wall Street session, the DJIA DOW (-70), S&P 500 SPX (+3), and NASDAQ (+64) are showing signs of fatigue. Long gone is the post-unemployment rally of last Friday ― neutral sentiment is bringing largely muted action.
Event Actual Previous
3-Month T-Bill 0.125% 0.120%
6-Month T-Bill 0.155% 0.150%
Yields are up slightly as the demand for bonds has fallen modestly. At this point, investors are taking a wait and see approach to this week’s trade. Safe-havens are in the red, oil is down, and the S&P 500 and DJIA are hovering near flat. Once again, the bright spot on Wall Street is a moderate rally in the NASDAQ.
Sentiment Largely Neutral On Wall Street
The June E-mini S&P 500 has pared overnight losses and is threatening to turn positive. Prices are in rotation near the 62% COVID-19 retracement (2930.00) and aren’t in a hurry to go much of anywhere.
Here are the key levels to watch in this market:
- Resistance(1): 62% Of COVID-19 Sell-Off, 2930.00
- Support(1): Bollinger MP, 2817.25
- Support(2): Daily SMA, 2817.00
Overview: Moving forward, there is some positive news from the COVID-19 front. Pharma company Abbott Laboratories received a second authorization from the Food and Drug Administration to move forward with a COVID-19 antibody test. The test is being viewed as a potential game-changer in identifying individuals that have an immunity to the virus. While a vaccine remains a ways off, Wall Street is optimistic that the COVID-19 pandemic may have already peaked.