Tomorrow - ISM Manufacturing PMI (May)

The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector It is a significant indicator of the overall economic condition in US. A result above 50 is seen as positive (or bullish) for the USD, whereas a result below 50 is seen as negative (or bearish).

NDX breaks out of it's descending channel

It looks like a clear breakout to the upside and if there is follow through we could be ending the consolidation zone and moving into a new trend. Today's move was also happened to take us above the 50 DMA which is a bullish sign. SPY also move above its 50 DMA we will see what happens during this week as there is nervousness about the Fed's decision, as anticipated, next month to increase its key interest rate by 0.25%.

NDX found support today

As NDX found support near the month's (May) lows today. If the market bounce back from here we could be back in the channel and stay there for a while, maybe for the rest of the summer. Yesterday, with Fed's minutes coming out, the market did not move significantly as everyone was expecting. So analysts believe that the Fed has already started tightening the rates in the shadows 'using shadow' rates since 2014, therefore its not in a hurry to do anything now.

NDX consolidating below its 50 DMA

Today was an up day for most of the indexes, but looking closely at NDX it is still under the 50 DMA inside its consolidation channel, will be interesting to see if it breaks that channel this week and start a new trend up/down.

Retail Sales (MoM) (Apr) - Tomorrow May13

The retail Sales released by the US Census Bureau measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).

Nonfarm Payrolls coming out tomorrow

The market has been trading close range until the news comes out..

Friday morning Nonfarm Payrolls -

May 06 12:30

200K  Consensus

215K Previous

Unemployment Rate (Apr):

May 06 12:30

5%  Consensus

5% Previou

TSLA Earnings today

Two notable companies that will likely impact the price movement, announcing earnings today after the close and tomorrow before open:

TSLA will announce earnings today after close. 5/4/16
BABA will announce earnings before open tomorrow 5/5/16