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Market Lab Report - Premarket Pulse 5/24/16

Major averages baby-stepped lower on quiet, lower volume despite the hawkish positions from a number of Federal Reserve members. The market may not believe this jawboning since Fed chair Yellen said in recent remarks that the global economy would have to show signs of recovery before the Fed hiked rates again. Indeed, Fed futures place the odds of a rate hike when the Fed next meets in June at a very low 26%.

Futures are up around half a percent and European bourses are trading up over one percent as the ECB suggested further easing measures after a below-consensus reading of Germany's May Economic Sentiment.

The S&P 500 and NASDAQ Composite Indexes remain below their 50-day moving averages. A move back up through this area of overhead resistance might lend credence to a more concerted rally attempt as the indexes hold along near-term support.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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