EB Daily Market Report - Thursday, May 18, 2023

Dear Members.

A brief report today as Tom prepares for tonight's Top 10 Stock Picks event.

The bulls continue to flex their muscles with large cap tech stocks leading the way with the NASDAQ touching levels not seen since August of last year. 

While the overall action today should be seen as a positive, all of the major indexes are well off session highs as we get ready for tomorrow's monthly options expiration. Accordingly, we could see a lot of volatility between now and then.

The S&P did its best to challenge the 4200 level before selling kicked in. Now we'll want to watch and see what happens in the last 90 minutes. In any event, both the S&P and NASDAQ remain above all key technical levels. To the downside, the bulls will want to see the 20 day moving average, currently at 4125, hold on any selling. To the upside, that 4200 level is one they would like to see cleared.

We hope you can join us for tonight's Stock Draft. You should have received instructions by now. If for some reason you are unable to attend the live event, we will make sure you receive a copy of the recording of the event.

At your service,

John Hopkins