DTI Daily Rundown - May 30

On TBUZ TV Today: 4225.00 Pivot. 4250.00 Resistance 4190.00 Support Opens: 2023 3895.00; 2nd Quarter 4127.00; May 4190.00. Recording from Monday: https://vimeo.com/831231123/7da3fe3f8e 9:15am ET 80/20 Flash Meeting.

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Market Review:

Friday's Close Friday's close in the ES Futures was 4219.25. News of an agreement on the debt ceiling was released over the weekend and this week's open was 4239.75. The market has a new high of the year. The US Cash market opens for the first time this week at 9:30am ET. In holiday, and overnight trading futures dropped from the open, and made an overnight low at 4220.25. That is still slightly higher than Friday's close. Typically, we would look for the market to connect the dots. However, this market is also closing out the month of May both today and tomorrow. On Thursday we will be opening the month of June. 3 of the previous 4 months this year have seen a rally to close out the month and open the next. The one exception to this was the close of February, and subsequent open of March. The close of May seems to be more the rule than the exception.

Over 70% of stocks track with the S&P 500 Futures

Major Events: May 31 JOLTS Job Openings June 1 ADP Employment June 1 ISM Manufacturing PMI June 2 Employment Reports June 5 ISM Services PMI Key Numbers Opens: Above or Below 4239.75 is the open 4190.00 is the open of the Month 4189.00 was the open of last Week 4127.00 is the open of the 2nd Quarter 3895.00 is the open of 2023

What's Hot and Not! Premium As we enter June, we will transition from the May closeout, to the June open, and then on to rollover and expiration. Expiration will be on the third Friday in June (June 16). At the present time, the difference between the June and September ES contracts is roughly 42 points. This is a historic difference. It means that on rollover alone, the market will ostensibly gain the equivalent of a 1% move in price.

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