May 19, 2023

Markets:

S&P 500 futures rose slightly Friday as Wall Street continued monitoring the situation surrounding the debt ceiling.

The major averages are headed for weekly gains. The S&P 500 is up 1.8% week to date through Thursday’s close. That would be its biggest one-week advance since March. The Nasdaq Composite, meanwhile, has risen 3.3% for the week. That would also be its best weekly performance since March. The Dow is up 0.7%.

A chunk of those gains came Thursday, as traders mounted bets that a U.S. debt ceiling deal could be reached. Comments from House Speaker Kevin McCarthy Thursday seemed to suggest a potential deal could come as soon as next week.

Friday marks a light day for economic data, although comments from Federal Reserve Chair Jerome Powell and New York Fed President John Williams are on deck. 

Portfolio:

We enter the session holding setups in TDLL, ASX, and INDI.  Here we are at 4200 on the S&P.  Do we close above today?  Powell is the wild card and how his comments are received.  Love to see the fade call this morning here.  Just proves our point more; this hated rally could thrive and force such a monster move should we dare get too and hold 4350.  It's nothing but air above that level.  But first we need to hold 4200.  We will patiently watch today.  Queue is igniting with force.  Be ready today.