Market Overview

A few weeks ago, the S&P 500 broke out to new highs. Since then though, it’s mostly chopped around, not gaining or losing more than 1% from the closing price on May 15.

We’ve seen consolidating price action elsewhere too, as Bitcoin digests its recent rally and as the Nasdaq 100 is only up 1.5% since May 15 despite the explosive rally in Nvidia over the last few days.

From a volume perspective, it already feels like we’re in the dog days of summer. I’m not quite certain on why volume has dropped so much, but that’s the environment we find ourselves in.

The trailing 20-day average trading on the SPDR S&P 500 ETF SPY is 52.4 million shares. A month ago, this figure stood at 72.6 million. Three months ago it was at 71.8 million.

So far, low volume has been favorable for bulls. But with a slowdown in the rally, some are looking for a dip. While a pullback could be healthy, a full-blown breakdown doesn’t appear to be in the cards right now.

Market Indexes and Winners

Good Stock Set Ups

STOCK SETUP: JMIA @05/29/2024

Ticker	JMIA, Jumia Technologies Ag ADR	Note
Last Price	6.44
Buy	6.44	Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options.
Target	7.08	Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level
Stop	6.12
Reward/Risk	1.98 : 1

Above is the summary of one of our Stocks Buy Setup.

More Technical Status for JMIA @05/29/2024

ATR (14)	0.53	Stop can be set at 1xATR below recent low
Beta	2.92	Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500
RSI(14)	60.54	Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too
SMA20	9.06%	Distance to SMA20
SMA50	20.83%	Distance to SMA50
Recommendation	3.00	Analysts’ mean recommendation (1=Buy 5=Sell)

Our system generated several buy signals today. JMIA is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).

STOCK SETUP: BROS @05/29/2024

Ticker	BROS, Dutch Bros Inc	Note
Last Price	36.46
Buy	36.46	Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options.
Target	40.11	Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level
Stop	34.59
Reward/Risk	1.95 : 1

Above is the summary of one of our Stocks Buy Setup.

More Technical Status for BROS @05/29/2024

ATR (14)	1.40	Stop can be set at 1xATR below recent low
Beta	2.51	Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500
RSI(14)	62.87	Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too
SMA20	10.03%	Distance to SMA20
SMA50	12.64%	Distance to SMA50
Recommendation	1.71	Analysts’ mean recommendation (1=Buy 5=Sell)

Our system generated several buy signals today. BROS is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).

Past Picks