NMS Investment Research

  The S&P 500 bounced off its trendline support , at ~ 4,115, and took off Wednesday on the CNN report, "Biden says he's confident leaders will reach an agreement on debt limit". Separately on Wednesday, the Atlanta Fed released their GDPNow model estimate for real GDP growth in the second quarter of 2023 to be 2.9%. Fed Chair Powell said on Friday that rates may not have to rise as much as expected to curb inflation, per CNBC. T he spread between the 2Y U.S. Treasury yield and its 600-day EMA now stands at 1.29%, meaning an impending U.S. recession is unlikely. It's starting to look like the "Sell in May and go away" theory will not apply this year. The next resistance is 4,279, if the index breaks above 4,200. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  Bitcoin just dropped below the neckline , at ~ 27.6k , and is now retesting its 100-day EMA at ~26.3k. It 's anyone 's guess if this selling has anything to do with the ongoing U.S. debt ceiling negotiation or not. Nevertheless, if it doesn't bounce off from here , bitcoin could take another dive to test the 200-day EMA, at ~24.9k. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  The SET index has sold off 2.47% since Monday, after the May 14 Thai general elections, as foreign investors pulled their investments out of the Thai financial market. It could have been worse if the Thailand Q1 2023 GDP, which came in at 2.7% y-o-y on Tuesday, was below the 2.3% estimate. In the near-term, the index could be heading down to retest the May 5 low at 1,507.22. All bets are off if the SET breaks below the trendline support at ~ 1,507. Beware that there are plenty of political uncertainties in Thailand until the beginning of August when the new cabinet is expected to be appointed. Political uncertainties aside, the BOT could pause their rate hikes for now as headline inflation cooled to 2.67% in April, within their target range of 1% and 3%. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

  Gold was rejected at the trendline resistance, ~ the $2,060 level, and may be heading down to retest its 50-day EMA at ~ $1,984.42 if the DXY index continues to rebound. To make it even more bearish, a double-top is confirmed if gold closes below $1,990.50. Gold bugs should beware that, "President Joe Biden finally feels good about his chances of striking a debt ceiling agreement in time to avert economic catastrophe", per Politico. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!

WTI crude prices were rejected at the $73.64 a barrel level and panic selling continue s. Driving season in the U.S., which starts in late May, could boost demand. I f it doesn't happen, WTI crude prices could break below the $68 a barrel level. In that case, the next support is $65 a barrel. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!