Chart of the Day
First Trading Day Of May
The S&P was weak Friday and after a late bounce it sold off to a new low at 4167.25 just before the 4:00 ET cash close. After a week of record tech earnings, the S&P traders took profits on the close. It was a long day of ‘grinding price action’ that could not have looked worse but on Globex Sunday night the futures traded up to 4194.25 around 9:00 PM, up 11.5 points or 0.28%, negating Friday’s decline. In terms of the ES’s overall tone, it acted poorly but not overly. In terms of the day’s overall trade, volume was steady at 1.85 million. Say what you like about the S&P but it’s up 30% since November and isn’t giving up much ground. According to Refinitiv, a record 87% of S&P 500 companies have beat earnings estimates, and earnings look to be growing by more than 46%. The S&P closed out April up 5.2%, the Dow rose 2.8% and the Nasdaq gained 5.4%.Kind of hard to argue with that, huh?