Individuals Institutional

Call toll-free 800.328.1267

Market Insights

Opportunity knocks for those with trading in their DNA.
Curiosity creates opportunity. Insights create strategy. Born traders create their destiny.

Calm Returns as Rate Fears Subside: Market Trends This Week
David Russell
May 9, 2024

Downloads are available here. TradeStation’s ideas on TradingView are available here.

Register for Market Trends here.

Sizing Up the S&P 500

  • S&P 500 back above 50-day MA. MACD turns higher
  • More index members above 20-day MA than above 50-day MA
  • Intermarket:
    • 10-year Treasury stays below key level from November. A lower weekly high?
    • Cboe volatility index back near lows of 2024
SPDR S&P 500 ETF (SPY), daily chart, with select indicators and patterns.

News, Views & Trends

  • Non-farm payrolls, unemployment, wages lower than expected in April
  • Fed speakers get more dovish:
    • John Williams: Next move is likely to be lower
    • Thomas Barkin: Current high rates “can take the edge off demand in order to bring inflation back to our target.”
  • Jim Paulsen: Commodity drop to cool inflation
  • Non-cyclicals outperform: utilities, biotechnology
  • Transports, energy starting to lag

Upcoming Events

  • Fri 5/10: Consumer sentiment, Michael Barr speech
  • Tue 5/14: PPI
    • Earnings: HD
  • Wed 5/15: **CPI**, retail sales, crude-oil inventories
    • Earnings: CSCO
  • Thu 5/16: Initial jobless claims, housing starts, building permits
    • Earnings: WMT, AMAT, BIDU

Standardized Performances for ETF mentioned above

ETF1 Year5 Years10 Years
SPDR S&P 500 ETF (SPY)+20.69%+70.73%+166.57%
As of April 30. Based on TradeStation Data.

Exchange Traded Funds (“ETFs”) are subject to management fees and other expenses. Before making investment decisions, investors should carefully read information found in the prospectus or summary prospectus, if available, including investment objectives, risks, charges, and expenses. Click here to find the prospectus. 

Performance data shown reflects past performance and is no guarantee of future performance. The information provided is not meant to predict or project the performance of a specific investment or investment strategy and current performance may be lower or higher than the performance data shown. Accordingly, this information should not be relied upon when making an investment decision. 

Tags:

About the author

David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.