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One week after Rep. Matt Gaetz, R-Fla., demanded answers from the Department of Defense about why a ‘child-friendly’ drag show was being hosted at Nellis Air Force Base in Nevada, the show was abruptly canceled.

‘HUGE VICTORY,’ Gaetz wrote on Twitter. ‘Drag shows should not be taking place on military installations with taxpayer dollars PERIOD!’

A drag show initially scheduled for June 1 — in celebration of Pride Month — organized by the Nellis LGBTQ+ Pride Council, was canceled, the group confirmed on Facebook.

‘The Nellis LGBTQ+ Pride Council is saddened to inform you that we are no longer able to host our annual Pride Month Drag Show on Nellis AFB.’ The group said it ‘received notification that the DoD has directed Commanders not to host Drag events on military installations.’

The cancellation came after Gaetz ‘demanded answers’ from Defense Secretary Lloyd Austin and Chairman of the Joint Chiefs of Staff General Mark Milley, the lawmaker highlighted on Twitter.

On May 23, Gaetz wrote a letter to Milley and Austin ‘demanding immediate answers on why these drag shows are still occurring’ despite their testimony in March that the Defense Department did not support or endorse such shows, he said.

The two leaders said at the time that they were not aware such events were still happening on military bases.

‘I’m demanding immediate answers on why these drag shows are still occurring despite Austin and General Milley testifying that they should not be happening,’ Gaetz wrote on Twitter, sharing the letter.

In the letter, Gaetz reminded Austin and Milley of their testimony before the House Armed Services Committee on March 29, where they expressed their disapproval of such performances.

‘On March 29, 2023, during the House Armed Services Committee hearing on the ‘FY24 Defense Budget Request,’ I questioned you about diversity, equity, and inclusion (DEI) programs within the Department of Defense (DoD). I find it completely unacceptable that DoD is using taxpayer dollars to fund DEI programs that are divisive in nature. DoD resources should be used for mission-essential operations, not diverted toward initiatives that create cultural fissures within our service ranks,’ Gaetz wrote in the letter dated May 23.

He added, ‘When I highlighted specific cases of drag queen story hours and drag shows occurring on U.S. military bases, shockingly, you indicated you were unaware that such events are taking place. However, I am pleased to know you do not support these drag events and agree with me that they should not be happening.’

‘To aid you in executing the agreed-upon elimination of DoD-funded drag events, I have enclosed supplementary documents that further highlight the DoD’s pervasive and persistent use of taxpayer dollars for drag events,’ the Republican continued.

He also included questions about the respective instances, requiring answers to the House Armed Services Committee so it could conduct ‘further oversight of this matter.’

The letter then highlighted the June 2023 Nellis drag show as well as a similar event hosted at Nellis the year before, on June 17, 2022.

‘Under what authority does a commander approve, host, and fund burlesque shows on a military base utilizing taxpayer funding?’ Gaetz asked, referencing a drag show hosted at the Nellis Club during which time Colonel Josh DeMottis was the commander.

The letter also highlighted past events like one that took place on May 27, 2022, at the Ramstein Air Force Base, located in Germany; and, one on July 30, 2022, at the Joint Base Langley-Eustis in Virginia.

The May event was canceled, but Gaetz inquired in the letter: ‘Prior to its cancelation, how many service members were diverted from their normal duties to help plan, organize, and facilitate the drag queen story hour?’

The June 1 event was going to feature RuPaul’s Drag Race Season 5 star CoCo Montrese, according to its advertisement.

According to NBC News, the decision to cancel the event came directly from Austin and Milley, the latter of which was visibly agitated when he was informed about the event.

A drag show was hosted at Nellis Air Force Base each of the past two years, including 2021 and 2022.

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The president of Mexico is continuing to wage what he has called an ‘information campaign’ against Republicans in the U.S., urging Hispanics not to vote for them due to their policies on immigration and fentanyl — but the Biden administration has so far stayed quiet on the apparent election meddling by the southern neighbor.

President Andres Manuel Lopez Obrador muscled his way into the 2024 presidential debate last week after Florida Gov. Ron DeSantis announced his candidacy and promised to shut down the border with Mexico.

Lopez Obrador accused DeSantis of pushing ‘anti-immigrant’ policies and urged Hispanics not to vote for him.

‘I hope the Hispanics of Florida wake up and don’t give him any votes, that they don’t vote for those who persecute migrants, those who don’t respect migrants,’ he said.

Those remarks are not an isolated instance however, and appear to be part of an ‘information campaign’ he announced in March, after Republican lawmakers suggested potential military action to take out the drug cartels pumping out fentanyl and sending it to the U.S.

‘Starting today we are going to start an information campaign for Mexicans who live and work in the United States and for all Hispanics to inform them of what we are doing in Mexico and how this initiative by the Republicans, in addition to being irresponsible, is an offense against the people of Mexico, a lack of respect for our independence, our sovereignty,’ he said.

‘And if they do not change their attitude and think that they are going to use Mexico for their propaganda, electoral, and political purposes, we are going to call for them not to vote for that party, because it is interventionist, inhumane, hypocritical, and corrupt,’ Lopez Obrador said, later adding that Mexico would be insisting that ‘not one vote’ goes to Republicans from Mexicans and Hispanics.

In July 2022, he also targeted Texas Gov. Greg Abbott and said that Mexico is ‘going to ask our countrymen there that they don’t vote for that candidate or party.’

However, the Biden administration has so far not engaged with the remarks publicly, despite the apparent meddling in U.S. elections by a foreign government. Neither the State Department nor the White House responded to multiple requests for comment on the matter from Fox News Digital.

Lopez Obrador has also taken swipes at American lawmakers when appealing for help from the Chinese Communist regime in stopping fentanyl, which is created in Mexico using Chinese precursors.

‘Unjustly, they are blaming us for problems that in large measure have to do with their loss of values, their welfare crisis,’ he wrote. ‘These positions are in themselves a lack of respect and a threat to our sovereignty, and moreover they are based on an absurd, manipulative, propagandistic and demagogic attitude.’

The Mexican leader has also made bizarre claims that fentanyl is not made in Mexico — when it is primarily made in Mexico from Chinese precursors before being transported into the U.S. across the land border.

Meanwhile, diplomatic tensions were on display between the two countries in March when the Mexican military seized an American construction company’s facility. Mexican President Lopez Obrador had accused the company of trying to extract minerals from Mexico without the required permits and ship them to the U.S.

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FIRST ON FOX—Republican Congressman Mike Lawler, R-N.Y., will introduce legislation Thursday to prohibit universities that ‘authorize antisemitic events on campus’ from participating in student loan and grant programs.

The ‘‘Stop Antisemitism on College Campuses Act’’ was proposed in response to a recent controversial CUNY Law School commencement speech, where the speaker, student Fatima Mousa Mohammed, accused the U.S. military and Israel of ‘indiscriminate’ murder, and asked students to join a ‘revolution’ against Zionism, capitalism and racism.

Mohammed said that Israel ‘continues to indiscriminately rain bullets and bombs on worshipers, murdering the old, the young, attacking even funerals and graveyards’ and encourages ‘lynch mobs to target Palestinian homes and businesses as it imprisons its children.’

The speech drew bipartisan backlash from progressives like Bronx Rep. Ritchie Torres, D-N.Y., who called the address ‘anti-Israel derangement syndrome,’ and former New York Republican Congressman Lee Zeldin, who said that taxpayer money should be pulled from the college for ‘raging antisemitism.’

Lawler is calling for CUNY to ‘face stiff penalties if they continue to let hate have a home’ through his bill, which would amend the Higher Education Act of 1965 to add that an institution cannot ‘authorize, facilitate, provide funding for, or otherwise support’ antisemitism. 

‘No college or university should receive a single dollar of federal education funding if they peddle in the promotion of antisemitism at an event on their campus.’ -Mike Lawler, R-N.Y.

‘CUNY should be ashamed of itself for allowing this ridiculous antisemitism to permeate on its campus,’ he added. ‘Stopping antisemitism dead in its tracks is critical for supporting our Jewish communities in New York.’

Jeffery Lax, a law professor at the university, told Fox News’ Trace Gallagher Wednesday on ‘Fox News @ Night,’ ‘In my 20 years of doing this, this is the worst, most disgusting commencement speech I’ve ever heard.’

The Anti-Defamation League (ADL) of New York and New Jersey tweeted, ‘We are appalled to see such an egregious display of hostility toward ‘Zionists’ (which is how many Jews see themselves) and Israel in CUNY Law’s commencement address. This is yet another example of the harm Jewish students experience on campus.’

The pro-Israel American campus group tracked 18 incidents since 2015 on CUNY law school campus where students or faculty spoke out against Israel.

According to the Jewish Virtual Library, 36 states have adopted laws, executive orders, or resolutions designed to discourage boycotts against Israel. Many, but not all of these laws have been designed to limit or discourage Boycott, Divestment and Sanctions (BDS) groups on college campuses.

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Gov. Greg Abbott on Wednesday picked a longtime ally who oversaw Texas’ elections in 2022 to temporarily serve as attorney general following Republican Ken Paxton’s historic impeachment on allegations of misconduct and crimes.

John Scott, who stepped down as Texas Secretary of State last year, takes over as the state’s top lawyer on an interim basis while Paxton awaits a trial in the state Senate that could result in his permanent removal. The trial is set to begin no later than Aug. 28.

Paxton was impeached last weekend by the Texas House of Representatives, triggering his immediate suspension from office.

Abbott has kept silent about Paxton in the week since House Republicans began impeachment proceedings. The governor announced Scott’s appointment in a statement that did not mention Paxton or comment on the accusations against him.

‘John Scott has the background and experience needed to step in as a short-term interim Attorney General during the time the Attorney General has been suspended from duty,’ Abbott said.

Scott has been a trusted hand of Abbott’s for more than a decade. He served as a state litigator when Abbott was attorney general, and when Abbott’s pick for secretary of state in 2019 was derailed after a bungled review of voter rolls, the governor turned to Scott instead.

At the time, the appointment alarmed voting rights groups over Scott’s brief stint as a member of President Donald Trump’s legal team that challenged the 2020 election results. Scott withdrew from the case after only a few days and has said he does not dispute that President Joe Biden won the election.

Paxton weathered years of scandal and maintained his party’s support to win three statewide attorney general’s races before the vote in the Republican-controlled House abruptly swept him from power.

The vote came after a monthslong House investigation into the attorney general that resulted in 20 charges alleging sweeping abuses of power, including obstruction of justice, bribery and abuse of public trust.

Paxton has criticized the impeachment as an attempt to ‘overthrow the will of the people and disenfranchise the voters of our state.’ He has said the charges are based on ‘hearsay and gossip, parroting long-disproven claims.’

Texas’ senators will serve as ‘jurors’ in Paxton’s upcoming trial — one of whom could be his wife, state Sen. Angela Paxton, who has not said whether she will participate in the proceedings.

During his yearlong stint as Texas’ election chief, Scott was tasked with trying to give voters confidence about election results and the ability to cast a ballot after Republicans passed a sweeping new voting law. Those efforts got off to a bumpy start during Texas’ first-in-the-nation primary as voters struggled to navigate new mail voting requirements, resulting in counties throwing out nearly 23,000 mail ballots.

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Former Vice President Mike Pence is speaking out against the decision by Major League Baseball’s Los Angeles Dodgers to welcome an LGBTQIA+ group called the Sisters of Perpetual Indulgence at the team’s annual Pride Night.

The former vice president, taking to Twitter on Wednesday, said that Dodger’s decision to honor the group after it rescinded its original invitation was ‘deeply offensive.’

Pence, who’s expected to launch a 2024 Republican presidential campaign next week, expressed his opinions as he retweeted a Fox News Digital story regarding the controversy.

‘Having been raised in a Catholic family, the Dodgers decision to invite the Sisters of Perpetual Indulgence, a hateful group that blatantly mocks Catholicism, to their event next month is deeply offensive,’ Pence wrote on Twitter. ‘Last summer the MLB moved their All-Star Game out of Georgia over a lie about voter ID and now they are apologizing and welcoming anti-Catholic bigots back to Dodger Stadium with open arms.’

The former vice president, a social conservative who’s long been a champion to evangelical voters, argued that ‘the MLB should not be apologizing to the Sisters of Perpetual Indulgence, they should be apologizing to Catholics across America. America’s pastime should respect the faith of every American no matter what.’

The MLB team announced that it would be honoring the Sisters of Perpetual Indulgence, a group of ‘queer and trans nuns,’ during a June 16 event, but quickly received backlash from religious groups for the decision given the history of anti-Catholic messaging and shocking performances.

The team said last week it would no longer be honoring the group during the upcoming LGBTQ event.

‘Given the strong feelings of people who have been offended by the sisters’ inclusion in our evening, and in an effort not to distract from the great benefits that we’ve seen over the years of Pride Night, we are deciding to remove them from this year’s group of honorees,’ the Dodgers said last week.

The next day, LA Pride announced it would no longer be participating in the event. 

The Dodgers reversed their decision five days later and welcomed the group back.

The Dodgers also received backlash from Sen. Marco Rubio, R-Fla., and religious advocacy group CatholicVote for allowing the group to participate in its festivities.

Longtime Dodgers pitcher Clayton Kershaw, a three-time Cy Young Award winner, said this week he disagrees with his team’s move.

The Dodgers’ decisions on the anti-Catholic group come amid a trend of well-known companies being called out for sponsoring individuals with controversial viewpoints and lifestyles.

Bud Light recently came under fire for teaming up with transgender influencer Dylan Mulvaney, and individuals nationwide began boycotting the brand as a result of the campaign.

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The California State Legislature’s LGBTQ Caucus is poised to honor a member of the Sisters of Perpetual Indulgence, the controversial group at the center of a backlash engulfing the Los Angeles Dodgers. 

The Sisters of Perpetual Indulgence, who identify as a group of ‘queer and trans nuns,’ are known for mocking Christian beliefs, including holding an annual ‘Foxy Mary’ and ‘Hunky Jesus’ contest, pole dancing on crosses, and using the saying, ‘Go forth and sin some more!’

Michael Williams, a member of the group known as ‘Sister Roma’ who runs a podcast covering pornographic movies and LGBTQ issues, is on the honoree list for the California Senate’s upcoming Pride recognition night. 

‘For more than three decades, Sister Roma has been one of the most outspoken and globally recognized members of San Francisco’s Sisters of Perpetual Indulgence,’ the LGBTQ Caucus’ announcement said.

‘Honoring the Sisters of Perpetual Indulgence, a group whose sole mission is to sexualize nuns and mock Jesus, reveals the true depth of hatred California’s elected officials have for the millions of Catholics residing in the state,’ Mark Trammell, the executive director of the Center for American Liberty, told Fox News Digital. 

Despite the Sisters of Perpetual Indulgence recently facing serious backlash from religious advocates who refer to the group as a ‘blatantly perverted, sexual and disgusting anti-Catholic hate-group,’ the California lawmakers proceeded to extend an invitation to one of its members for the June 5 event.

‘It’s disgusting that the California Senate is choosing to honor an anti-Catholic hate group. Would Democrats still embrace this group if they mocked Jews or Muslims? Bigotry and discrimination against any religious group are wrong and have no place being honored in the State Capitol,’ California Assembly Republican Leader James Gallagher told Fox News Digital in a statement. 

The Dodgers recently came under fire after announcing their plan to honor the L.A.-based branch of the Sisters of Perpetual Indulgence with the ‘Community Hero Award’ before their June 16 game.

After Sen. Marco Rubio, R-Fla., and religious groups like CatholicVote voiced their concern over the award, the team announced it would no longer be honoring the group at the Pride event ‘given the strong feelings of people who have been offended by the sisters’ inclusion in our evening.’ 

Just days after their decision to uninvite the group, the Dodgers apologized to the Sisters of Perpetual Indulgence and reinvited them to the event, an announcement that garnered even more backlash from the religious community and players within the baseball league. 

‘I am disappointed to see the Sister’s [sic] of Perpetual Indulgence being honored as heroes at Dodger Stadium. Many of their performances are blasphemous, and their work only displays hate and mockery of Catholics and the Christian faith,’ Dodgers reliever Blake Treinen said in a statement after the announcement.

Dodgers starter Clayton Kershaw also responded to the decision to reinvite the group: ‘This has nothing to do with the LGBTQ community or Pride or anything like that. This is simply a group that was making fun of a religion, that I don’t agree with.’

Members of the group, formed on Easter Sunday in 1979, are known for attending left-wing protests dressed up in mock nun outfits to advocate for anti-Catholic messaging, including on abortion.

The LGBTQ Caucus didn’t immediately return a request for comment. 

Fox News’ Scott Thompson contributed to this report.

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Florida Republican Gov. Ron DeSantis drew laughs from an audience in Iowa after hitting back against criticism from former President Donald Trump on his record as Florida governor.

‘He used to say how great Florida was,’ DeSantis told a reporter following a speech Tuesday night on the campaign trail in Iowa. ‘Hell, his whole family moved to Florida under my governorship. Are you kidding me?’

The Florida Republican’s comments drew a loud laugh from the crowd.

‘Look, I’m going to respond to attacks,’ DeSantis added.

‘I mean, if you say Cuomo did a better job with COVID than Florida did — first of all, that’s not what he used to say. Six months ago he would have never said that, right?’

The Trump campaign did not immediately respond to a request for comment from Fox News Digital.

Trump, who recent Fox News polling shows holds a substantial lead on DeSantis among GOP primary voters, has criticized DeSantis for weeks over his record in Florida, including attacks that DeSantis says are ‘delusional.’

‘He’s been attacking me by moving left,’ DeSantis said last week.

‘Remember, I left that decision up to the Governors!’ Trump, who moved his primary residence to Florida in 2019 after living there part-time for decades, posted on Truth Social. ‘For COVID Death Rates Per State, Ron, as Governor of Florida, did worse than New York.’

‘In Education, Florida ranks among the worst in the Country and on crime statistics, Florida ranked Third Worst in Murder, Third Worst in Rape, and Third Worst in Aggravated Assault,’ Trump said. ‘For 2022, Jacksonville was ranked as one of the Top 25 Major Crime Cities in the Country, with Tampa and Orlando not doing much better…’

DeSantis returned to Iowa for the first time as a declared presidential candidate this week for two days of campaigning while Trump is also headed to the state on Wednesday afternoon to campaign at various events, including a sit-down with Fox News’ Sean Hannity for a town hall in Clive, Iowa, which will air on the Fox News Channel at 9 p.m. ET on Thursday.

Fox News’ Paul Steinhauser contributed to this report.

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The market’s pulling back, but you expect the decline to be short-lived. You believe it’s a mere dip, so you’re scanning the market for a few stocks that might be on the verge of a strong upside reversal. One pattern you might want to consider for this type of setup is a Bullish Engulfing candlestick pattern that’s bucking a near-term downtrend.

In case you’re not familiar with this common pattern, the bullish engulfing is made up of two candle lines. The first line represents a down day (black or red, depending on your candlestick color preferences) while the second is an up day (white or green). The second line is taller than the first; hence, it “engulfs” the total body of the previous candle.

What Makes the Bullish Engulfing Pattern a Strong Reversal Indicator?

It signals a big change in market mood. This pattern involves two candlesticks, the second one covering the first one completely. This suggests that people have stopped selling and started buying, pushing the price up more than it was pushed down before.Buying pressure is rising. The second candlestick being bigger and covering the first one shows us that people aren’t just buying, but buying a lot (at least, in theory).Flipping the trend. The pattern tends to be a bigger disruption if it shows up after a decline, as its contrarian gesture tends to be a little more dramatic.Check the volume. If the bullish engulfing candle occurs on higher volume, it can further validate the strength of the reversal, as it suggests a strong level of participation among buyers.

A few more things to note is that this pattern happens quite often, meaning you’ll be able to take advantage of it more frequently than other patterns in the market. And according to technical analyst Thomas Bulkowski, the pattern tends to indicate an upward trend roughly 63% of the time (which is a pretty favorable stat).

How To Scan for a Bullish Engulfing Pattern

Go to Member Tools

Scroll down to and click on Advanced Scan Workbench

Click on New

Paste the following code: 

[type = stock] 

AND [Daily SMA(20,Daily Volume) > 500000] 

AND [country is US]

AND [Daily Bullish Engulfing is true] 

AND [Downtrend is true] 

Run the scan

This scan generated over 40 results. Note: You can save your Scan results to a ChartList.

Let’s take a look at one stock that most investors are familiar with: Walmart (WMT).

Trading WMT’s Bullish Engulfing Reversal

CHART 1: CHART OF WALMART STOCK. Volume by Price, Ichimoku Cloud, and the 50- and 200-day moving averages help to identify potential support and resistance levels for WMT stock.Chart source: StockCharts.com (click chart for live version). For educational purposes only.

Note the following in the above chart:

The bullish engulfing candle signaled a reversal right in the middle of a green and widening Ichimoku Cloud, which can be interpreted as a strong and bullish support level.The 50-day and 200-day simple moving averages are trending upward in a wide and extended formation.Volume by Price, seen at the left of the chart, suggests strong levels of support from the price, where the reversal took place to 140, above which the 200-day SMA sits (another level of support).However, the Moving Average Convergence Divergence (MACD) Oscillator and Stochastic Oscillator are giving relatively bearish readings. You want to look for a confirmation of the reversal and its follow-through (which will likely lag behind the price action when/if it happens).Also, the volume looks strong, which supports a reversal.

How to Trade WMT’s Bullish Engulfing Pattern

For a short-term swing trade, you could enter a long position above the top of the engulfing candle (147.31) and take profits between 151, where Volume by Price indicates potential resistance to 154.35, WMT’s 12-month high. Your stop loss would be placed below the engulfing candle at around 145.00.

If you were looking to enter WMT for a longer-term hold, you might want to place your stop loss below the current 200-day SMA (to avoid getting stopped out too easily). Your take-profit level will likely vary according to your investment return goals for this particular stock.

Other Stocks From the Scan

Here are some other notable stocks that showed up on scan.

CME Group (CME)Redfin (RDFN)Intercontinental Exchange Group (ICE)New Gold (NGD)Verizon Communications (VZ)

Remember that the technical and fundamental environment surrounding each scan selection will vary. Not every bullish engulfing pattern will be the same. Although they indicate the potential for a trend reversal, you have to check this thesis against other technical factors at play.

The Bottom Line

Understanding and leveraging technical patterns such as the Bullish Engulfing Pattern can significantly boost your trading choices and enhance your decisions. Just remember that trading isn’t solely about spotting patterns. It also demands a comprehensive understanding of market dynamics and a strategic approach to risk management. So while you’re looking for the next trade based on this particular scan, ensure you also consider the broader market context, confirm with other technical indicators, and keep your trading objectives and risk tolerance in mind. Happy trading!

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Tuesday’s Daily was all about the metals. On Wednesday, gold, miners, and silver all rallied.

Is the bottom in on this last correction? Perhaps.

Two interesting areas to watch now are the one-year PCE rate-adjusted. And the retail sector is now on critical lows. In other words, we can see stagflation maturing before our very eyes.

The PCE is at levels close to a breakout over the 1980-1984 levels. That is the Fed’s go-to indicator. However, Granny Retail is super close to the precipice of a major breakdown under the 80-month moving average or 6-8 year business cycle. 

The Fed’s playing pickle ball. The last time we saw a breakdown under that moving average (if XRT fails it) was KRE Regional Banks in March. 

Can XRT hold here?

The Consumer Sector ETF XRT Has Some Words for You, and here they are. 

First, the test of the 80-month MA (green and price 56.24) on the last day of the month of May is mad interesting.

Secondly, do not assume it will fail until it does. And, even if it fails that MA, June has 30 days before we can determine what happens the second half of the year.

Thirdly, XRT could just as easily hold that level, offering a very low risk/reward trade or, more importantly, a relief for the rest of the Economic Modern Family and market.

Fourth, XRT is below the March 2023 lows but above the October 2022 lows at 55.32.

Finally, on the Daily chart, momentum is declining. In fact, our Real Motion indicator shows that XRT’s momentum HAS NOT been below a key Bollinger Band until NOW. Not in March and not last October.

Mean reversion potential? Sure. But also, fair warning that the consumer sector is yet another potential harbinger that the lower trading levels in SPY going back to March and/or October are not to be dismissed.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

“I grew my money tree and so can you!” – Mish Schneider

Get your copy of Plant Your Money Tree: A Guide to Growing Your Wealth and a special bonus here.

Follow Mish on Twitter @marketminute for stock picks and more. Follow Mish on Instagram (mishschneider) for daily morning videos. To see updated media clips, click here.

Mish in the Media

Mish explains how reversal patterns could come to the fore this week in this appearance on CMC Markets.

Mish joins Rajeev Suri of Orios Venture partners to discuss the possibility of economic stagflation in this video on LinkedIn.

Mish discusses how AI is being used to invest in this article for BNN Bloomberg.

Mish joins Rajeev Suri of Orios Venture Partners to discuss the implications of the debt ceiling deal in this video on LinkedIn.

Mish discusses the commodities to watch in this video from CMC Markets.

In this appearance on Business First AM, Mish covers business cycles, plus where to go for trades once the dust settles.

Mish and Caroline discuss profits and risks in a time where certain sectors are attractive investments on TD Ameritrade.

Powell eyes a pause, Yellen hints at the need for more rate hikes, and debt ceiling talks face challenges… what a way to end the week, as Mish discusses on Real Vision’s Daily Briefing for May 19th.

Mish walks you through the fundamentals and technical analysis legitimizing a meme stock on Business First AM.

Coming Up:

June 1st: Wolf Financial Twitter Spaces 1pm ET

June 2nd: Yahoo Finance

ETF Summary

S&P 500 (SPY): 23-month MA 420, the dance.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): 327-333 trading range for the week to hold or break.Nasdaq (QQQ): Not as strong a reversal top as SMH-b/c of APPL strength, but worth noting nonetheless.Regional banks (KRE): 35-42 range to watch.Semiconductors (SMH): Reversal pattern top; a drop near 138 would be a decent correction.Transportation (IYT): Like to see this hold 220 this week.Biotechnology (IBB): 121-135 range.Retail (XRT): 56.00 the 80-month MA.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

SPX Monitoring Purposes: Long SPX on 2/6/23 at 4110.98.

Monitoring Purposes GOLD: Long GDX on 10/9/20 at 40.78.

Long Term SPX Monitor Purposes: Neutral.

The short term picture is a little messy, with an open gap for May 5 near 407 SPY that still could be tested. But the bigger picture looks fine. Above is the NYSE McClellan Summation index, going back to 2007. Capitulation happens when the Summation index falls below -700 (marked with blue lines). Capitulation must be followed with a “Sign of Strength” to confirm a bottom in the market. A “Sign of Strength” is a Summation index reading above +1000 (marked with red lines). As you can see, capitulation in the Summation index below -700 appeared in October of last year, and a “Sign of Strength” with a Summation index above +1000 came in January of this year, confirming a market bottom. Bottoms form when capitulation to “Sign of Strength” forms. Have to see “Sign of Strength” of capitulation, or otherwise there will be more capitulation, which is what happened in the 2008 decline.

Last Thursday, we said, “Above is the monthly SPY going back to 2020. The retracement from the March 2020 low to the January 2022 came in a little less than 50%. A 50% retracement suggests at least a test of the previous high (near the 470 SPY) or the halfway point of the move up (which gives target to 610 SPY). A “Sign of Strength” was performed in March and closed above the neckline of a head-and-shoulders bottom confirmation this pattern. This head-and-shoulders pattern has measured target to 460 range and not far from the January 2022 high near 470. The bottom window is the monthly Slow Stochastic (momentum indicator), which turned up last October. Momentum rules all indicators and momentum is up for the SPY.” Adding to the above, notice that May volume is higher than April volume and a bullish sign.

Above is the monthly cumulative up down volume and advance/decline for GDX. We took a closer look on the monthly GDX over the last week. What appears to be developing is a basing period for both indicators going back to 2016. The bottom window is the GDX monthly Cumulative Up Down volume. This indicator is near matching the low of 2016 and is below the 2019 low and a support area. The next higher window is the GDX monthly cumulative Advance/Decline. This indicator is below the 2019 lows and above the 2016 low. Both indicators closed above their mid-Bollinger bands back in March of this year, and both closed below their mid-Bollinger since negating March’s buy signal. We wished these two indicator went back more in time, as that would have gleamed more information. GDX appears to be building a very large base that could produced an extended rally.

Tim Ord,

Editor

www.ord-oracle.com. Book release “The Secret Science of Price and Volume” by Timothy Ord, buy at www.Amazon.com.

Signals are provided as general information only and are not investment recommendations. You are responsible for your own investment decisions. Past performance does not guarantee future performance. Opinions are based on historical research and data believed reliable; there is no guarantee results will be profitable. Not responsible for errors or omissions. I may invest in the vehicles mentioned above.