$SPY TOP 20

Important individual ER's out this week for our group but not many in terms of Market Movers as we have experienced over the last 2 weeks.

I have wrote a long commentary under the $QQQ chart so please review this chart too in conjunction with the $SPY as both are moving perfectly in sync right now.

So what I will be watching for this week is how the price action behaves testing the 50 WMA.

Details regarding the China - US talks will be shared tomorrow which will be interesting, I would like to see a postponement announced and this should allow a break above the 50 WMA and allow the share price to move to at least the 0.9 Fib which is at $600.

If there is anything less than something along those lines or Trump maintains that he can not go lower than a 50% Tariff than I believe this will take its toll on the market and a rejection at the 50 WMA is possible.

So the more details we can get tomorrow the better.

Wave B can have no issue going up to the 0.9 Fib at $600 and/or a double top, which we have seen can happen a lot lately.

I will share the $SPY Contrarian view chart tomorrow for balance.


ECONOMIC DATA OUT THIS WEEK:

📅 Monday, May 12

• 2:00 PM ET – Monthly Budget Statement (April)

📅 Tuesday, May 13

• 8:30 AM ET – Consumer Price Index (CPI) for April

  • CPI (Month-over-Month)

  • CPI (Year-over-Year)

  • Core CPI (Month-over-Month)

  • Core CPI (Year-over-Year)

• 6:00 AM ET – NFIB Small Business Optimism Index (April)

• 8:55 AM ET – Redbook Retail Sales (Year-over-Year)

• 11:00 AM ET – Cleveland CPI (Month-over-Month)

• 11:30 AM ET – 52-Week Treasury Bill Auction

• 4:30 PM ET – API Weekly Crude Oil Stock

📅 Wednesday, May 14

• 7:00 AM ET – MBA Mortgage Applications

• 10:30 AM ET – EIA Crude Oil Inventories

• 5:15 AM ET – Federal Reserve Governor Waller Speaks

• 9:10 AM ET – Federal Reserve Governor Jefferson Speaks

• 5:40 PM ET – FOMC Member Daly Speaks

  📅 Thursday, May 15

• 8:30 AM ET – Producer Price Index (PPI) for April

  • PPI (Month-over-Month)

  • Core PPI (Month-over-Month)

• 8:30 AM ET – Retail Sales for April

  • Retail Sales (Month-over-Month)

  • Retail Sales Excluding Autos (Month-over-Month)

• 8:30 AM ET – Initial Jobless Claims

• 8:30 AM ET – Empire State Manufacturing Index (May)

• 8:30 AM ET – Philadelphia Fed Manufacturing Index (May)

• 9:15 AM ET – Industrial Production for April

  • Industrial Production (Month-over-Month)

  • Capacity Utilization

• 10:00 AM ET – Business Inventories (March)

• 10:00 AM ET – NAHB/Wells Fargo Housing Market Index (May)

• 10:30 AM ET – EIA Natural Gas Inventory

• 8:40 AM ET – Federal Reserve Chair Jerome Powell Speaks

• 2:05 PM ET – Federal Reserve Vice Chair for Supervision Barr

• 📅 Friday, May 16

• 8:30 AM ET – Housing Starts for April

• 8:30 AM ET – Building Permits for April

• 8:30 AM ET – Import Price Index for April

  • Import Price Index (Month-over-Month)

  • Import Price Index (Year-over-Year)

• 10:00 AM ET – University of Michigan Consumer Sentiment Index (Preliminary for May)

• 1:00 PM ET – Baker Hughes U.S. Rig Count

• 4:00 PM ET – Net Long-term TIC Flows (March)

• 4:00 PM ET – Total Net TIC Flows (March)

  This week's economic data releases are particularly significant, with the Consumer Price Index (CPI) on Tuesday and the Producer Price Index (PPI) on Thursday providing critical insights into inflation trends. Additionally, retail sales figures and housing market data will offer a glimpse into consumer spending and real estate activity. Remarks from Federal Reserve officials, including Chair Jerome Powell, are also anticipated to shed light on future monetary policy directions.