EB Daily Market Report - Friday, May 24, 2024

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The bulls want to get out of this month ASAP, and with good reason, with the NASDAQ getting slammed and the S&P down as well while the Dow takes a day off from its recent drubbing.

There's really no good news today with traders trying to figure out how long the selling might last. The S&P is close to its 50 day moving average, currently at 5179, so perhaps we're getting close to some type of relief rally. 

Interestingly, the VIX is barely up, another possible indicator that the worst of the selling might be over. But the bears are really gunning for tech stocks today after weak earnings showings from both Sales Force (CRM) and Dell (Dell) with the NASDAQ back below its 20 dayandt closing in on its 50 day, currently at 16,293.

With the weekend ahead, traders might opt to remain cautious right into the close. We'll see if traders start nibbling on some of the beaten down stocks but right now the bears are in charge.

Tom will be back with his Weekly report on Monday.

At your service,

John Hopkins