Stocks seem to be struggling to find a direction after the strong recovery from the early May lows. While it looked as if the cancellation of the summit between President Trump and North Korea would send the markets on yet another downturn, stocks were able to put in a sizeable recovery to close only slightly lower yesterday. Following today’s open, the three major indices are lower. The Dow and E-mini S&P are both trading in the middle of the last couple weeks’ ranges while the Nasdaq is still towards the higher end of its range. News today is rather light with only the Consumer Sentiment reading coming out today. We do have a number of speakers from the Fed on the docket, but I don’t see a whole lot of movement coming as a result of anything they are discussing. Things should pick up again following the Memorial Day weekend. Next week’s slate of data is highlighted by GDP on Wednesday and the Non-Farm Payrolls on Friday.
E-mini S&P 500 Jun ’18 Daily Chart