May 6, 2024

Markets:

U.S. stock futures rose Monday, with Wall Street looking to build on the previous session’s strong gains, after new jobs data revived hopes of the Federal Reserve cutting interest rates. 

The Dow, S&P 500 and Nasdaq Composite popped more than 1% each on Friday after fresh nonfarm payrolls data on Friday showed the U.S. economy added fewer-than-expected jobs in April and an increase in unemployment, easing fears of an overheating economy. Traders became enthusiastic that the Fed could start lowering rates sooner this year.

Investors will get more clues on future Fed moves on Monday, with Richmond Fed President Tom Barkin and New York Fed President John Williams slated to speak.

While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday. 

Portfolio:

We have super continuation taking place in Monday's premarket and hope to see it maintain and build throughout the session.  We enter the new trading week holding setups in NVDL, TSLL, AI, PATH, and S.  Queue explsoded during Friday's session and we have a number of positions just waiting for confirmation as new set-ups.  The pain trade to the upside contonues to build as higher lows continue to print.  The next stage should be extroadinary for this market.  A few more levels and we have a monster rally in place technically.  After a terrible month of price action dirven by bearish headlines, we were gifted great entry points to add new trades.  This week will likely pull more traders back in and volume. Markets don't like to make things easy so intra-day chop & churn while we establish new levels of support and resistance is a potential scenario.  Looking for a stronger base off recent lows.  This will only further ignite the move to come.

Be ready and on high alert.