SP 500 Today 24/5: Pulls Back Despite Nvidia Earnings -Chart
Date
5/24/2024 2:54:29 PM
(MENAFN- Daily Forex)
The S&P 500 went back and forth during the course of the trading session on Thursday as we continue to see a lot of nonsensical volatility. The earnings report by Nvidia after hours on Wednesday had a lot of hope pouring into this market, but since then we've just gotten hammered.
We did hold the crucial 53 header level though, so that is something to pay close attention to. I think a lot of this was just simply institutional traders going out there. And handing their
Stocks off to retail traders and then punishing them. All things being equal. I do think that one thing that comes into the picture would be PMI numbers coming out hotter than anticipated in the United States, and therefore everybody's worried about whether or not Uncle Jerome will give them a loose monetary policy.
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More Nonsense? Probably.
It's the same nonsense we've been going through for a while, because eventually Wall Street will come up with a narrative to push stocks higher. It's what they do. They sell stocks to people. So the fact that this index is not equally weighted and the same 5 to 10 stocks push everything. They'll come up with a narrative and they'll push it higher.
Hence the whole stocks only go higher attitude. Now that's obviously not true. But it is something that is uniquely American as far as FOMO trading is concerned. We are starting to see this catch up on Europe though as well. So, at this point in time, I think you still have a buy on the dip mentality. And it really wouldn't surprise me at all to break to a fresh new high again in the next 24 hours.
It's just kind of how this market behaves. Regardless, we may just go sideways and digest a bit of the gains that we had recently, which of course were pretty epic. So that makes a certain amount of sense as well. Either way, I'm not a seller.
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