DTI Daily Rundown - May 17

On TBUZ TV Today: 4135.00 Pivot. 4155.00 Resistance 4115.00 Support Opens: 2023 3895.00; 2nd Quarter 4127.00; May 4190.00. Flash Meeting at 3:30pm ET Wednesday on the Web tonight at 8:00pm ET

Market Review:

Debt Ceiling While still negotiating two key things rang out from the news reports of yesterday's meetings. The first is that while talks are ongoing, and regarded as somewhat productive, they are not really that close on a deal to raise the Debt Limit. The second point which seems to have an agreement on both sides is that a default is off the table. In other words, both sides of this issue will take steps to avoid a default, even if they cannot agree on raising the debt ceiling. What this could mean, as we have seen in the past, is a temporary suspension of the debt limit. If this is the direction taken, it will likely be a short-term event, that in reality only drags these negotiations out a bit further. From the market standpoint, this could mean an extended period of uncertainty.

Over 70% of stocks track with the S&P 500 Futures

Major Events: May 23 Manufacturing PMI May 24 FOMC Minutes May 25 GDP (Preliminary) May 26 Core PCE Key Numbers Opens: Above or Below 4190.00 is the open of the Month 4132.25 is the open of the Week 4127.00 is the open of the 2nd Quarter 4126.00 is the open 3895.00 is the open of 2023

What's Hot and Not! Ross Stores, Inc. (ROST) ROST reports earnings on May 18. ROST opened the year at 116.63. The open of the quarter was 105.98, and the open of the month was 106.51. ROST opened this week at 105.37. Their high for the month was set on May 1 at 106.97, and the low set on May 11 was 100.96. The high of April was 110.15. The last time ROST was below 100.00 was Nov 17, 2022, where the low was 94.34. Nov 18, 2022, opened at 114.80.

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