Wall Street’s Best Digest 829

May 20, 2020

While we are definitely not out of the woods yet—with the economy and the markets—we are making progress. The Dow Jones Industrial Average has had a nice bounce back, albeit, with some volatility. We can expect that to continue, probably through year-end. As you can see by our Advisor Sentiment Barometer and our Market Views section, we are turning more bullish.

As most of the economy is just beginning to reopen, unemployment remains a big issue. So far, some 38 million people have lost their jobs, bringing the unemployment rate in the U.S. to almost 15%. We can expect that to continue rising for the near future, also.

But in better news, housing seems to be holding up pretty well, and building permits this week were better than expected, around 1.074 million.

Of course, the bright side is that as more businesses reopen, we will start a steady climb back to normal.

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Bearish, but Trading A double top is now evident on the $SPX chart in the 2950 area. So, for now that is strong resistance. The question is whether we’re in a trading range or a stronger downturn is in store. There are three important support levels: 2800, 2720, AND 2650. I feel that sellers would…

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