May 31 Market Update | Technical, Fundamental, News S&P 500 E-MINI FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) CME_MINI:ES1! Physik Description: An analysis for the week ahead. Points of Interest: 2975-2900 Balance Area; Friday Spike. Technical: Risk-on sentiment in all major indices. Monday gapped and accepted prices above the prior balance area. Tuesday’s selling diverged from breadth and broad market sentiment. Wednesday opened higher, reflecting underlying market sentiment in the prior session, but sold off immediately, testing and rejecting the prior balance area. After rejection, the market squeezed higher and closed above the open, the most positive outcome. Thursday’s session continued higher, not supported by breadth and large lot activity. Friday tested lower on news-driven intraday volatility , rejected, and then spiked higher into the close. Opening within the spike, we balance and validate prices. Opening and remaining above the spike would be the most positive outcome. Opening below the spike base (i.e., $3030) would be the most negative outcome. Taking out Friday’s low of $2992.00, important references on the downside include $2975 and $2860. A successful break above $3065.50, important references on the upside include $3090, $3111, and $3135. Scroll to bottom of document for non-profile charts. Fundamental: Key Events: Nonfarm Employment; Initial Claims; Manufacturing and Nonmanufacturing Surveys; Trade Deficit; Factory Orders; Vehicle Sales; Productivity And Costs; Construction Spending. Ratings agency Fitch suggests Global Recession is bottoming out. https://bit.ly/3dfnETA Michael Burry may be wrong about the index bubble. https://bit.ly/2TWUsZX House loosens PPP rules; Treasury, SBA set aside more funds for lenders. https://on.wsj.com/3gELCd1 Airlines tackle social distancing with new rules. https://bit.ly/2XKMpAx Airport traffic picks up as lockdowns ease. https://bit.ly/2yOSS57 Which economies are reopening and why COVID killed globalization. https://bit.ly/2XKMHaG Weak demand curbs China factory activity. https://yhoo.it/2XkpKvK Bezos buying a stake in U.K. digital supply chain startup. https://cnb.cx/2TYS9Wq NASDAQ:AMZN Protests rage across America. https://cnn.it/2TTy5ET OPEC, Russia bargain over extended output cuts until end of 2020. https://reut.rs/2Xgd3Cm ECB to raise quantitative easing purchases under PEPP program. https://bit.ly/3dlBfsq Investment-grade bond issuance to slow considerably. https://bit.ly/3dlBfsq PPP failed to get money to industries and areas most in need. https://bit.ly/2zEdEF7 Lumber is higher on increased demand (i.e., home repairs, renovations, building). https://bloom.bg/2TTynvt Home sales drop 18%, while decline in inventory pushes prices to a record high. https://cnb.cx/2BgCTNX Remote work to spark a housing boom in suburbs and smaller cities. https://on.wsj.com/3dlxjbc Energy Transfer LP ($ET) warns of coming job cuts. https://reut.rs/2AppT8i NYSE:ET Kohl’s ($KSS) eyes trouble as sales plummet, digital business falls short. https://bit.ly/2TXtRvI NYSE:KSS Tensions with China escalate over Hong Kong’s autonomy. https://bit.ly/3expj7l U.S. considers COVID-19 coronavirus bill next month. https://bit.ly/3gGtXl5 COVID-19 crisis may trigger a rolling pension collapse. https://bit.ly/2Mldzsh Study supports the wide usage of Gilead’s ($GILD) Remdesivir. https://bit.ly/2ZQTPVC NASDAQ:GILD Moderna begins new COVID-19 vaccine study. https://on.mktw.net/36M2KJd NASDAQ:MRNA Lower aggregate taxation; higher taxes will come; no bailout of pre-covid junk. https://bit.ly/2zMf14u NVIDIA ($NVDA) faces positive results, outlook. https://bit.ly/2BdXoe5 NASDAQ:NVDA Cboe Global Markets ($CBOE) expansion to Canada a credit positive. https://bit.ly/3dmH4pF AMEX:CBOE Fairfield, Alabama’s bankruptcy brings back familiar Chapter 9 themes. https://bit.ly/3dmH4pF Negative April credit card ABS performance confirms virus risks. https://bit.ly/3dmH4pF Global venture funding through the virus, late-stage stays strong. https://bit.ly/3gIw2xg Nasdaq CIO on policing foreign listings. https://bit.ly/3eGX865 Sports betting stocks see a surge, unhurt by pandemic. https://bit.ly/36LsPZ3 Money market inflows pause, validating rotation into risk. https://bit.ly/2XjKqEd Discussion regarding the need to implement an OPEC+ exit strategy. https://reut.rs/2TVLw72 Former Cisco Chair and CEO talks leading, growing through a crisis. https://bit.ly/2XJXWA1 NASDAQ:CSCO Data, statistics on how the virus is impacting local business revenues. https://bit.ly/2TV6h30 Expedia Group ($EXPE) commits $275M to help industry rebound. https://bit.ly/3dlSUAf NASDAQ:EXPE Rising home sales show American’s are looking past the virus. https://bit.ly/2XN3o5m Dollar General ($DG), Dollar Tree ($DLTR) to outperform earnings . https://bit.ly/2Mi0jox NYSE:DG NASDAQ:DLTR Sentiment: 33.1% Bullish , 24.8% Neutral, 42.1% Bearish as of 5/31/2020. https://bit.ly/330VhEp Gamma Exposure: (Trending Higher) 2,565,182,968 as of 5/29/2020. https://bit.ly/2UpgtRE Dark Pool Index: (Trending Higher) 52.3% as of 5/29/2020. https://bit.ly/2UpgtRE Product Analysis: ES: AMEX:SPY TVC:SPX NQ: NASDAQ:QQQ TVC:NDX RTY: AMEX:IWM TVC:RUT YM: AMEX:DIA TVC:DJI NYA: TVC:NYA GC: AMEX:GLD CL: AMEX:USO AMEX:USL AMEX:DBO NG: AMEX:UNG ZB: NASDAQ:TLT Disclaimer: This is a page where I look to share knowledge and keep track of trades. If questions, concerns, or suggestions, feel free to comment. I think everyone can improve, especially me. In no way should this post be construed as investment advice.