Coke Update
Coke is moving well this week and is at new May highs in the early going. It may make a run at the huge March 12 breakdown gap($51.15). A close back below Friday’s low($44.65) would wipe out this week’s healthy action.
Sideways Through Summer?
70 years of data tells us the June through October time frame usually presents flat action in the S&P 500 Index. Nothing about 2020 has been usual though. Hat tip Ryan Detrick
Gold Top?
On Monday we mentioned that Gold (1727 at the time) may be headed lower due to a Double Top.
BONEs With Gripens
From Strategypage.com: B-1B Lancers from the 28th Bomb Wing, Ellsworth Air Force Base, S.D., integrated with Swedish Armed Forces JAS 39 Gripens for the first time over Sweden during a long-range, long-duration Bomber Task Force mission, May 20, 2020. Operations and...
Lilly Reaches Support
LLY is heading for its 6th straight loss. This pullback has driven shares down to a key support zone. The $147.00-$148.00 area marks the stock's Initial 2020 high, an upward sloping 50 day moving average as well as the 1/3 retracement level of the rally off the 2020...
Today’s Sector Map
Tech takes a breather as Banks, Energy and the Industrials lead.
Morgan Stanley Breaks Out
Shares of Morgan Stanley are in full breakout mode as the new week begins. The stock is up over 6% after opening the session with a powerful upside gap that has lifted the stock above the April peak. As the six week consolidation ends MS is set up well for a fresh rally leg.
Pick One
Investor sentiment has turned demonstrably positive. For contrarians, not a good sign.
Gold
Although the trend for Gold remains long - that could end with a break of 1700-1690 (support) on a closing basis as a DT (double top) has formed.