EB Daily Market Report - Tuesday, May 19, 2020

I am preparing for today's "Top 10 Stocks" webinar, so I am going to make the DMR today very brief.

We have opened lower today, but we're seeing renewed strength from the NASDAQ, which is today's clear leader in early going.

Below is the table of today's performance thus far, broken down by ChartList. It appears that the Weak AD's leadership was short-lived, barring a reversal later today. This is where things stood at 10am ET:

34% of the Weak AD ChartList stocks were already down more than 3% in the first half hour of trading. Will they rebound? That will likely be the story of the day, at least one I'll be watching.

On the earnings front, Walmart (WMT) gapped higher at the open, but ran into resistance at April highs. A close above 132.50 would be bullish. Otherwise, watch gap support near 127.50, then the rising 20 day EMA at 124.79. Home Depot (HD) fell at the opening bell and is lower by nearly 2%. The rising 20 day EMA, currently at 226.60, is the major support level there. Advance Auto Parts (AAP) is the top S&P 500 performer, rising more than 5% after its earnings, while Kohls (KSS) furthers its deteriorating chart with a loss of 6.64% in early action. KSS, while in a longer-term downtrend, is trading in a 15-21 range for now.

I'm looking forward to tonight's big event. Join me for our quarterly "Top 10 Stocks" webinar, which will begin promptly at 5:00pm ET.

Happy trading!

Tom