SPY gained 5.3% to $756 as the market kept setting all-time highs on strong earnings and hopes for an Iran deal. Hot inflation readings and weakness in Treasuries fed a 1.2% drop on May 15, but the pullback stayed shallow. Attention stayed on AI, chips and data centers while the Fed held off on cuts.
A complete intraday market analysis for each day is listed below.
SPY rose 0.3% to $721 as tech giants posted strong results and the market made new all-time highs. The Iran war was seen as having no market impact, and the Fed was not expected to cut rates soon.
SPY fell 0.4% to $718 after mega cap tech earnings ended with a supportive reaction. The outlook favored gradual gains, dip buying by Asset Managers and put-selling strategies over short-term OTM calls.
SPY rose 0.8% to $724 as the market rallied above the EMA 8 and got a little ahead of itself. A light round of profit taking was expected, with ISM Services, JOLTS, ADP and the Jobs Report ahead.
SPY rose 1.4% to $734 as a new all-time high came on news that an Iran agreement might be close. Chip makers led the advance, and AMD jumped after earnings.
SPY fell 0.3% to $732 after the rally staged another leg higher with good news priced in. Iran headlines looked promising, chip stocks led, and the jobs report was expected to come in light.
SPY rose 0.8% to $738 as the April jobs report showed 115,000 jobs created, 50,000 better than expected. February and March were revised lower by that same amount, and the market was pricing in an Iran agreement.
SPY rose 0.2% to $739 as the market surged higher into a light news week. CPI and PPI were expected to be elevated, with small dips and consolidation anticipated and OTM bullish put spreads favored for swing trades.
SPY fell 0.2% to $738 as CPI showed prices rising .4% this month from .2% the prior month. The market viewed the oil-driven inflation as temporary, and European markets were down .5%.
SPY rose 0.6% to $742 as the market shrugged off hot inflation, with PPI up 1.4% over the last month. The S&P 500 had run up 17.5% in a month and a half, making a pause or small dip likely.
SPY rose 0.8% to $748 as Trump and Xi prepared to meet, with Iran and Taiwan on the agenda. Retail sales of .7% matched expectations.
SPY fell 1.2% to $739 after a relentless rally gave way to profit taking. A normal dip in a bullish trend was expected, with long-term swing traders told to stay the course and add only to winners.
SPY fell 0.1% to $739 after a Friday drop from a new all-time high. The rally had gotten ahead of the EMA 8, so a pause or pullback was expected in a holiday week with light news.
SPY fell 0.7% to $734 as US 10-Year Treasuries broke a key support level. Rising inflation, elevated oil, reduced foreign Treasury buying and a canceled Iran air strike kept investors uneasy.
SPY rose 1.0% to $741 after a week-long pullback from the high left the market about where it was a week earlier. FOMC Minutes came that afternoon and NVDA reported after the close.
SPY rose 0.2% to $743 as a normal pullback in a bullish market continued. NVDA earnings were great but priced in, and the FOMC Minutes drew little reaction while elevated oil fed inflation fears.
SPY rose 0.4% to $746 as gloomy headlines were dismissed in favor of the strong uptrend and a brief, shallow dip. Swing positions were added on price confirmation ahead of a quiet Memorial Day session.
SPY rose 0.7% to $751 as a close Iran deal and falling oil futures fueled hopes. The market focused on chips, data centers, AI and IPOs, with a brief, shallow dip allowing longer term swing traders to scale in.
SPY was flat at 0.0% and closed at $750 as the market ground higher on deal promises. Focus stayed on data centers, AI, chips and the SpaceX IPO, with gaps up on dojis seen as weak price action.
SPY rose 0.6% to $755 as Q1 GDP was revised to 1.6% from .7%, below the 2% expected, with no market reaction. Three consecutive dojis warned of choppy conditions as good Iran news looked priced in.
SPY rose 0.2% to $756 as AI, data centers, chips and the SpaceX IPO kept the rally going and Dell's earnings lifted tech. Iran was not seen as a factor, with the path of least resistance still up.
