Your Trading Week Ahead – May 23rd

Welcome to Your Trading Week Ahead for May 23rd. Here’s what you need to know before you go…

Quick recap

U.S. equity markets closed mixed last week. The S&P 500 ended Friday at 4,155 — down a mere 18 points from the previous week. The Dow followed a similar trend, closing the week lower by 0.51% at 34,207. Meanwhile, tech stocks finished slightly higher as the Nasdaq closed at 13,470 — up 0.31% on the week.

The biggest headlines last week surrounded the crypto market. Bitcoin ($BTC) was hit hard with selling pressure following more tweets from Elon Musk and growing concerns over crackdowns on cryptocurrencies in China.

What to watch this week

Bitcoin watch

Bitcoin traded as low as $30,000.51 on Wednesday following a drastic number of liquidations from levered longs in the market. The cryptocurrency quickly bounced back above $40,000, but began trading lower over the weekend. At writing, it’s trading near $33,200.

Be sure to watch the crypto market like a hawk this week for the Bitcoin hangover. Will $BTC continue trending lower?

Earnings roundup

Several high-profile earnings reports are set for release this week. The party kicks off on Wednesday when Nvidia ($NVDA), Snowflake ($SNOW), Pinduoduo ($PDD), and Workday ($WDAY) report quarterly data. Then on Thursday, we’ll hear from Salesforce ($CRM), Best Buy ($BBY), and Costco ($COST) to round out the notable names for the week.

Economic calendar

There are a few reports and events on the calendar this week with the potential to move markets. Here’s some of the most important things to watch:

• New home sales – Tuesday, May 25th at 10:00am ET
• Initial jobless claims – Thursday, May 27th at 8:30am ET
• Core durable goods orders – Thursday, May 27th at 8:30am ET
• Biden administration unveils fiscal 2022 budget – Friday, May 28th

Market Rebellion Roundtable

Make sure to join us for tomorrow’s Rebellion Roundtable. Jon, Pete, and the Market Rebellion crew will be sitting down to talk about high-conviction investing with ARK Invest portfolio manager Renato Leggi.

You don’t want to miss this exclusive conversation. Click here to reserve your seat.

Interested in learning how you can use the power of unusual options activity to conquer the market? Click here to download our Insider’s Guide to Trading UOA.