Market Soared with Optimism: Dow Rises 146 Points, S&P 500 and Nasdaq Hit Highest Levels Since April.
Yesterday, the market was filled with optimism, pushing it higher on Tuesday. The Dow Jones Industrial Average gained nearly 146 points, or 0.4%, while the S&P 500 and Nasdaq Composite rose by 0.7% and 0.8% respectively. Both the S&P 500 and Nasdaq reached their highest levels since April of last year during the session. Our robots also continued their upward momentum, mostly holding stocks in long positions. Notably, our robot Swing-Trader-1-5K-per-position-Medium-Volatility-Stocks-for-Active-Trading-TA-FA performed well, and the stock TEAM (ATLASSIAN CORPORATION) generated over 3% profit in a single day.
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In addition to the Federal Reserve's policy statement, investors are preparing for Fed Chair Jerome Powell's media appearance, where he may provide insights into the state of the economy and the central bank's future actions.
According to the FedWatch tool by CME Group, markets anticipate a 90% probability that the central bank will maintain interest rates at the current target range of 5% to 5.25%. This would be a pause in rate hikes after a series of 10 consecutive increases.
The May Producer Price Index, an indicator of inflation dynamics, is scheduled for release on Wednesday morning. Economists surveyed by Dow Jones expect a 0.1% decrease. Tuesday's May Consumer Price Index data, which showed the lowest annual increase in over two years, strengthened investors' hopes that the Fed would refrain from raising interest rates.
TEAM may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In of 35 cases where TEAM's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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