EB Daily Market Report - Friday, May 15, 2026
Dear Members.
First, as. reminder, tomorrow, Saturday, May 16th at 10 AM ET, Tom Bowley will be hosting a free livestream: 5-Step Process to Trade with More Confidence — and as an EarningsBeats member, you're automatically in. No registration needed; your link will arrive in your inbox before the event.
Tom will be walking through the exact five-step framework he's refined over 40+ years — how to read the broad market before you risk a dollar, identify institutional accumulation, find relative strength leaders, and know when a setup is actually there. The same process behind everything we do here at EarningsBeats.
If you have a friend, spouse, or family member who manages their own money and could use a more systematic approach, send them here to grab a free seat: earningsbeats.aweb.page/5-step-trading-confidence
In addition, Tom will reveal his "Top 10 Stock Picks" for the Model, Aggressive and Income portfolios next Monday, May 18 at 5:30 pm eastern. You will receive room instructions before the event starts.
Just yesterday the market hit another record with high expectations for the President's trip to China. But this morning traders are focused on higher interest rates and higher oil prices as all major indexes give up some recent gains.
As usual we need to keep things in perspective. For example, the S&P has risen almost 20% since its March 30 low and is down just 1% today. I'm sure the bulls can live with that. At the same time, we are deep into earnings season, the inflation problem persists, oil and interest rates remain stubbornly high and the highly anticipated trip to China is now behind us. So, what might traders look to next?
Certainly, any resolution in the Middle East would be seen as a positive but there's no indication that's in the cards. And there's no indication oil or rates will come down anytime soon. Key monthly economic reports including jobs numbers, GDP, CPI and PPI are mostly behind us. NVDA reports its earnings next Wednesday - that's a biggie - and how traders react to their numbers could impact near term trading.
Virtually every time the market has pulled back since the March 30 lows buyers have stepped in, especially for high-flying tech stocks like semiconductors. And almost everyone would agree that a 60% move higher in six weeks in the SMH might be a bit much so some additional selling could still be warranted.
The S&P got as high as 7517 yesterday so that is now the new level of resistance. To the downside there's price support just below 7300 and technical support at the 20 day moving average currently at 7259. Will buyers swoop in again later today to keep the recent non-stop rally going? Or do we need to see more selling to make stocks more attractive? We'll watch to see how the market closes later today and Tom will be back with his Weekly Market Report on Monday.
At your service,
John Hopkins