DTI Daily Rundown - May 2

On TBUZ TV Today: 4180.00 Pivot. 4201.00 Resistance 4157.00 Support Open of 2023: 3895.00, Open of May 4190.00 Open invite for Connect the Dots at 10:45am ET. (Watch your email for the invite)

Market Review:

All Eyes on the Fed According to the CME FedWatch Tool: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html the odds of a change in rates are high. The number is a bit higher than it was yesterday. We may be at the point where it quarter point hike appears locked in. The real question will be forward guidance. Whether or not rates change tomorrow should not be the main issue. The primary focus will be on what the FOMC will do on June 14. Tomorrow, we get our first clue to that. The CME FedWatch Tool also shows clues. As of this morning they show a 64.8% probability that rates will be at 5-5.25 after the June 14 meeting. If the fed raises rates today, that represents a vote of no change on June 14.

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

Major Events: May 3 ADP Employment May 3 FOMC Statement and Press Conference May 5 Employment Reports May 10 CPI Key Numbers Opens: Above or Below 4190.00 is the open of the Week 4179.50 is the open 4150.00 was the open of last Week 4127.00 is the open of the Quarter 3895.00 is the open of 2023

What's Hot and Not! The ES rallied to a new high for the quarter at 4206.25 on the first day of May. This exceeded the April high of 4198.25 but failed to exceed the high of the year 4208.50, set in February. From a read standpoint it's a mixed bag. In front of the FOMC tomorrow it could become meaningful. We could view 4206.25 as a test of 4208.50. If so, it has so far been an unsuccessful test. Pay attention to how the market reacts around numbers.

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