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The Monday Morning Playbook: Week of May 20, 2024

There are TWO stories that deserve our attention

Good morning,

Last week, I said “Technology holds the keys” and the sector absolutely responded where it needed to. Not only was tech the best sector last week, but, as highlighted in last week’s Stock Trends report, the gains were led by semiconductors which are breaking out left and right.

With breakouts and new highs for this bull market’s leading industry, it should be no surprise that the S&P 500 officially ended its brief pullback by hitting a new all-time high last week. The Dow and Nasdaq 100 did the same.

The focus on technology and semis isn’t going anywhere because Nvidia reports earnings this Wednesday is what is undoubtedly (and deservingly) the most important event this week and possibly this quarter.

But there’s another story that deserves our attention.

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Brown Technical Insights
Brown Technical Insights
Scott Brown, CMT