"It's Coming in Hot!"

Hi There! I had a nostalgic moment earlier this evening when I was going through my photos and got completely swept away by the stunning beauty and the sheer power of Grenada's breathtaking waterfalls! It's no secret that waterfalls are one of my happy places! On my last trip home, I had the pleasure of exploring the stunning Mt. Carmel Waterfall with my daughter, my sister, and a friend. Standing under the cascading water, I felt the healing energy permeate my entire being. The cool water revitalized my cells. The result was a sense of calm and clarity that lifted my mood. This is one for you to experience for yourself, so be sure to add visiting one of Grenada's waterfalls to your bucket list.

Alright, let's dig in!

Last week the jobs number came in hot, indicating strong economic growth. However, the market seemed more focused on the downward revisions from prior months, which left some feeling uneasy. Fear of rising interest rates continued to haunt investors. As a result more of them were withdrawing funds from equities. In an effort to ease investors' concerns, the Federal Reserve hinted at a pause in raising interest rates. But, investors are not buying it! Apple (NASDAQ: AAPL) reported strong earnings that resulted in a high for the market. The DOW, S&P 500, and NASDAQ closed out the week with small gains.

Oil prices experienced a sharp rise after a week of "Fearing Fear Itself", as indicated by a JPMorgan research report. On Thursday, OPEC announced that it will hold a ministerial meeting in person on June 4, which was unexpected, and could be a signal that they are ready to take further steps to support prices after announcing voluntary production cuts of more than one-million barrels per day effective May 1. Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, said that this decision indicates that OPEC is ready to midwife the recovery in oil prices until both demand and macro concerns subside. On Friday, oil prices rebounded after hitting the weekly 800 exponential moving average (EMA) near $63.79, but still posted a third straight weekly decline due to worsening economic indicators, particularly in the U.S. and China. This decline, however, resulted in a drop in gasoline prices at the pump.

If you plan to trade Oil in between the 200 and 800 weekly EMAs, it's worth paying attention to resistance levels near $72.20 and $73.03, or levels of support near $69.52 and $67.93. If Oil price breaks the 200-800 weekly channel it is currently in, there could be fireworks (on the charts). If price opens below the 800 weekly EMA, the target range could be between $61.88 and $53.58. If price opens above the 200 weekly EMA watch for targets between $73.85 and $76.77.

There wasn't much excitement in the crypto streets for Bitcoin (BTC) and Ethereum (ETH). Following the Fed's interest rate hike, the price of BTC bounced between $28,547 and $29,824. ETH experienced a brief rally last Friday, rising slightly above $2,000. Meanwhile, TRON experienced a significant pump. Overall, it was meme coins like $PEPE that were heating up the crypto markets.

Other key highlights from last week:

• Crypto is fast becoming a hot topic among 2024 Presidential candidates

• Newly launched blockchain Sui (discussed in Issue #21) is built for games

• Cryptoys launched a Star Wars digital collectible

• Sports Illustrated (SI) is set to revolutionize the event ticketing industry with NFTs

• First tokenized private credit fund to offer liquidity through Web3 on Polygon blockchain

Watch the following closely in the week ahead:

The upcoming U.S. economic reports that will be the center of focus are the Consumer Price Index (CPI) on Wednesday, 5/10/2023, and the Producer Price Index (PPI) and Initial Jobless Claims on Thursday, 5/11/2023.

This week's earnings releases are shown in the chart below. Most notable companies are outlined in red.

The upcoming high-impact global news to watch includes Australia Retail Sales, Germany Inflation Rate, Bank of England (BoE) Interest Rate Decision, China Exports and Consumer Price Index (CPI) releases, and UK GDP Growth Rate.

Next week's anticipated bias (not financial or investment advice):

• Monday (05/08/23) - Expect volatility in the evening markets

• Tuesday (05/09/23) - Bearish

• Wednesday (05/10/23) - Follow the trending markets

• Thursday (05/11/23) - Take Profits

• Friday (05/12/23) - Set stops on swing trades

Trading Tip: Friday Before Mother's Day - DOW has been up 19 of last 28!

Week 04/30/23 - 05/06/23 Recap

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Disclaimer: This newsletter is strictly educational. The information provided in this report does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the report’s content as such. Please be careful and do your own research.