Welcome back from the long weekend. It’s looking like a modestly positive start to the trading week as US futures have been drifting higher as we head into the open, and after every Monday so far in May has been a weak one, bulls can be thankful that this week starts off with a Tuesday instead!
Looking ahead to today, Consumer Confidence for May will be released at 10 AM and the Dallas Fed Manufacturing report will come out a half hour later.
Make sure to check out today’s Morning Lineup for recap this weekend’s EU elections and the latest confidence readings for the region.
After failing to convincingly break out to new highs in April, the latest pullback for the S&P 500 brought the index right down to an important support level, which held for the time being. As shown in the chart below, last week’s pullback is now the second time that the index has tested that support in the last two weeks. This is an important level to watch in the days ahead, as the more often support gets tested the weaker it becomes.
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