Market Overview

Stocks mostly fell on Thursday because weak performance in the technology sector pulled the markets down. This weakness was mainly due to disappointing guidance from Salesforce, which announced its quarterly results after the market closed the previous day.

Outside of major tech stocks, the markets did fairly well. Every sector in the S&P 500 rose except for technology and communication services, with utilities and real estate performing the best. Additionally, mid-cap and small-cap U.S. stocks saw strong gains.

Bond yields dropped, with the 10-year Treasury yield falling to about 4.55%. This decline followed a downward revision of the first-quarter real GDP data, showing the economy grew at 1.3% instead of the initially estimated 1.6%.

In international markets, Asian stocks fell overnight, while European stocks rose due to a better economic sentiment reading in the eurozone compared to the previous month. In commodities, oil prices fell to around $78 per barrel, and gold prices remained stable.

Market Indexes and Winners

Noticing all Index are lower, which is very healthy. For QQQ, if it can go down to 430 level towards trend line, that might be another golden buy point.

Gold broken down the trend line. We will be watching the previous low.

Finally NVDA is going lower. Hopefully it will provide us some buying price.

Good Stock Set Ups

STOCK SETUP: XRT @05/30/2024

Ticker	XRT, SPDR Retail ETF	Note
Last Price	75.82
Buy	75.82	Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options.
Target	83.4	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	73.41
Reward/Risk	3.15 : 1

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

More Technical Status for XRT @05/30/2024

ATR (14)	1.29	Stop can be set at 1xATR below recent low
Beta	1.38	Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500
RSI(14)	55.58	Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too
SMA20	1.30%	Distance to SMA20
SMA50	1.74%	Distance to SMA50
Recommendation	#RECOM#	Analysts’ mean recommendation (1=Buy 5=Sell)

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

STOCK SETUP: RIVN @05/30/2024

Ticker	RIVN, Rivian Automotive Inc	Note
Last Price	10.97
Buy	10.97	Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options.
Target	12.07	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	10.02
Reward/Risk	1.15 : 1

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

More Technical Status for RIVN @05/30/2024

ATR (14)	0.66	Stop can be set at 1xATR below recent low
Beta	1.97	Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500
RSI(14)	57.47	Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too
SMA20	6.95%	Distance to SMA20
SMA50	9.46%	Distance to SMA50
Recommendation	2.14	Analysts’ mean recommendation (1=Buy 5=Sell)

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

STOCK SETUP: HON @05/30/2024

Ticker	HON, Honeywell International Inc	Note
Last Price	200.91
Buy	200.91	Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options.
Target	221	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	193.13
Reward/Risk	2.58 : 1

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

More Technical Status for HON @05/30/2024

ATR (14)	2.91	Stop can be set at 1xATR below recent low
Beta	1.02	Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500
RSI(14)	52.63	Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too
SMA20	0.23%	Distance to SMA20
SMA50	1.27%	Distance to SMA50
Recommendation	2.15	Analysts’ mean recommendation (1=Buy 5=Sell)

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

STOCK SETUP: AU @05/30/2024

Ticker	AU, AngloGold Ashanti Plc.	Note
Last Price	24.67
Buy	24.67	Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options.
Target	27.14	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	23.62
Reward/Risk	2.35 : 1

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

More Technical Status for AU @05/30/2024

ATR (14)	0.87	Stop can be set at 1xATR below recent low
Beta	1.01	Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500
RSI(14)	54.04	Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too
SMA20	1.68%	Distance to SMA20
SMA50	5.58%	Distance to SMA50
Recommendation	2.27	Analysts’ mean recommendation (1=Buy 5=Sell)

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

Past Picks

JMIA’s move is explosive. Check out our post from yesterday: https://tradewithbryan.com/stock-set-up-jmia-bros05-29-2024/

One day return is about 8%, not bad. But right now it is on multiple top. If you took the trade yesterday, I would take half profit, let the remaining position run. It could go higher if it breaks the top resistance.