EB Daily Market Report - Friday, May 1, 2026

Dear Members:

The market continues to be in a very good mood with 6 of the Mag 7 stocks now having reported earnings with both the S&P and NASDAQ hitting fresh all time highs.

AAPL is helping to take the market higher today, up over 5% after last night's earnings. So far it's fallen shy of an all time high as it got very close before some profit taking kicked in.

Investor confidence has picked up with the $VIX touching the 16's earlier in the session before rising some. Oil has pared some of its recent gains as well on hopes that there will be some positive develops in IRAN before too long.

The market is showing signs of being overbought but as has been the case since the market hits its most recent low March 30 the appetite for owing stocks, particularly tech stocks, has not abated. As long as that continues the bulls will maintain the upper hand.

The S&P got as high as 7272 so that is now near term resistance. To the downside , yesterday's low of 7126 should serve as the first level of price support.

There's a lot going on that could make a case that stocks have risen too fast too soon; wars, nagging inflation, high oil prices, but traders are setting all of these aside for the moment. Still, we should at least be open to the idea that we could see some profit taking sometime soon. 

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins