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“The best way to predict the future is to invent it.” – Alan Kay

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

The S&P 500’s 5%+ rally so far in May has left internals overbought for the time being.  Below is a quick look at our 50-day moving average spread chart for the S&P over the last 12 months.  We’re currently right at two standard deviations above the 50-DMA.  Note that this reading got up to three standard deviations above the 50-day last summer before seeing a sharp multi-month pullback.

Of the more than 1,800 stocks that have reported this earnings season, 69% beat EPS estimates, 64% beat sales estimates, 7% raised guidance, and 6% lowered guidance.  The average stock that reported saw its shares decline 0.13% on its earnings reaction day.

As shown in the top right charts in the image below, EPS beat rates continue to trend lower, while sales beat rates have been trending sideways.

To continue reading the rest of today’s morning note, where you’ll find much more analysis of global equities and economic readings released this morning, read today’s full Morning Lineup with a two-week Bespoke Premium trial.