UPDATE May 2
May Day!...
oh, that was yesterday 😄
Wow have I been busy. I haven't been able to make posts. I'm exhausted and fall asleep the second I stop moving 😴
The markets are waiting on J Pows' speech tomorrow. JOLTS (Job Openings and Labor Turnover Survey) is released half an hour after open. Because of this, I would not trust any market movement until this news is released. Overall, I would expect the markets to go to "neutral" before FOMC presser. Neutral can be flat, but I prefer the 5 day moving average as neutral (the 5 day moving average price is where I expect the markets to end the day)
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/3811c693f8a634c0a1de324eba9ae81b.jpg/bigmoo)
The 5 day MA is often where the markets end going into possible catalysts.
Now, about the catalyst (FOMC). The .25 basis point hike is almost certain. What will move the markets is the J Pow press conference. What he says about the future will move markets. The bulls are listening for the word "pause." I do not see a FED pivot, nor do I see them being dovish. That said, I could see a rally. Mainly because I want QQQ to reach the 330 target I've had since the start of the run. If it doesn't, that's ok. It just makes a cleaner chart if it does.
I see a decline approaching, a big one, but we may finish the move to 325-330 before the fall.
On futures, the trading is in a tight range, I expect this to continue until JOLTS.
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/10e1c16d0e8e3cb3b4c78dec7cfad4f2.jpg/bigmoo)
lots of stocks looked bullish, and many have bullish set up alerts ⚠️ (on moomoo Explore feature)
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/5594f3fa966f3b4cabdb6a7da1b16fef.jpg/bigmoo)
Most of the bullish alerts came from the ENERGY and BIO PHARM sectors.
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/754aca37702e3cac8a866da8d9b70212.jpg/bigmoo)
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/678b5f661c4f3e4c97739aad101536c3.jpg/bigmoo)
I expect another bullish move, but short lived and reversed quickly. Could we have topped? Yes! we absolutely may have topped, I just don't think so.
The DOW is in a downtrend, I see more downside to 33950 before finding support. $E-mini Dow Futures(SEP4) (YMmain.US)$
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/07969fd6d7683841a5406de861b2b9a1.jpg/bigmoo)
On a shorter time frame, there is a tight trading range.
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/eb73022cf2a73b5898c4844bb29ecb60.jpg/bigmoo)
The Nasdaq is different. The NQ remains bullish, although a healthy pullback would be ok. $E-mini NASDAQ 100 Futures(SEP4) (NQmain.US)$
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/b74f382b65073e298753310a0b32ff27.jpg/bigmoo)
on the hourly there is downside, at least until JOLTS.
13240 is my support, with 13360 as the resistance today. the 5 day MA is 13150.
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/d0e427e691a634ccab95eb469f480194.jpg/bigmoo)
in what could be a boring day, we may get some whiplash. again, I'm looking for upside, maybe closing out the week, but we have run hot, so a pullback is healthy. Just watch support 12950. If that breaks, the market has problems.
Be Safe, Be Careful, Be Wise
and as always
Good Luck ![]()
ha my girl scout cookies are motivating![]()
![UPDATE May 2](https://ussnsimg.moomoo.com/feed_image/70624085/0b41258ae69a3c66a97ffc7712862438.jpg/bigmoo)
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warrior-sailormoon : Wow the cookies looks so nice. Good bake![grin 😁](https://static.moomoo.com/nnq/emoji/static/image/img-apple-64/1f601.png)
Violets : sorry been busy this week when is fomc?
iamiam OP Violets : tomorrow
Violets iamiam OP : Thanks![kissing_heart 😘](https://static.moomoo.com/nnq/emoji/static/image/img-apple-64/1f618.png)
无谓风云 :![undefined [undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)
![undefined [undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36)
102235596 : Hey @iamiam so you don’t expect QQQ or NASDAQ to have a big drop this week?
iamiam OP 102235596 : no, I think we dropped. we may do another one. but I lean bullish from here. just my opinion and powell could wreck it all tomorrow.