Trading Schedule for Memorial Day:

Weekly Breadthalyzer 📈

Breadth Softened Across the Board

Advance/Decline Ratios Collapsed

TRIN Indicates Concentrated Buying

Highs vs. Lows: Mixed Signal

Bottom Line

Market breadth deteriorated significantly last week. The shift from broad participation to a narrow group of outperformers — especially with plunging TRIN values — is a classic red flag.

Markets may remain elevated short-term, but without renewed breadth, the risk of rotation, volatility, or pullback is rising.

Economic Calendar Highlights

Tuesday, May 27

8:30 AM – Durable Goods Orders (April)
April’s durable goods orders will be reported. This data reflects investment in long-term goods such as machinery and transportation equipment. A strong reading would suggest solid business investment, while a decline could signal caution amid economic uncertainty.

10:00 AM – U.S. Consumer Confidence (May)
The Conference Board’s Consumer Confidence Index for May will be released, offering insights into consumer sentiment amid rising inflation and tariff concerns. A decline could signal reduced consumer spending, impacting economic growth.

Wednesday, May 28

10:00 AM – Pending Home Sales (April)
The National Association of Realtors will report April pending home sales, a leading indicator of housing activity. Changes in this metric often foreshadow trends in the broader housing market and can signal shifts in consumer confidence and borrowing conditions.

2:00 PM – FOMC Meeting Minutes (May)
The Federal Reserve will release minutes from its May policy meeting. Traders will analyze the language for clues about future rate decisions, especially in light of persistent inflation and recent economic softness. Market volatility often increases around this release.

Thursday, May 29

8:30 AM – Q1 GDP Second Estimate
The Bureau of Economic Analysis will publish the second estimate for Q1 GDP. The initial estimate showed a contraction; revisions could influence market expectations for economic recovery and Fed policy.

8:30 AM – Weekly Jobless Claims
The Department of Labor will report initial jobless claims, providing a timely indicator of labor market health. An unexpected rise could raise concerns about employment stability.

Friday, May 30

8:30 AM – Personal Consumption Expenditures (PCE) Price Index (April)
The PCE Price Index, the Fed’s preferred inflation gauge, will be released. Elevated readings may reinforce expectations of prolonged high interest rates.

9:45 AM – Chicago PMI (May)
The Chicago Purchasing Managers’ Index, a key regional manufacturing indicator, will be published. This data provides insight into business conditions in the Midwest and can serve as a bellwether for the broader U.S. manufacturing sector.

Federal Reserve Watch

Several Federal Reserve officials, including Governors Christopher Waller and Neel Kashkari, as well as New York Fed President John Williams, are scheduled to speak this week. Their comments will be scrutinized for insights into the Fed’s policy trajectory amid persistent inflation and economic uncertainty.

Scheduled Speeches

Wednesday, May 28

Thursday, May 29

Earnings Spotlight

Wednesday, May 28

Salesforce (CRM)
Salesforce will report its fiscal Q1 earnings after market close. Analysts anticipate revenue of $9.75 billion and EPS of $2.55. Investors will focus on the performance of its AI platform, Agentforce, and any guidance provided.

NVIDIA (NVDA)
NVIDIA is scheduled to release its Q1 fiscal 2026 earnings after the market closes on Wednesday, May 28. Analysts expect the company to report revenue of approximately $43.3 billion, marking a 66% year-over-year increase, and adjusted EPS of $0.88. This anticipated growth is driven by robust demand for NVIDIA’s AI chips, particularly the H200 and GB200 models, despite challenges such as U.S. export restrictions impacting sales to China.

Thursday, May 29

Costco (COST)
Costco is set to report its fiscal Q3 2025 earnings after the market closes on Thursday, May 29. Analysts project earnings per share (EPS) of $4.25 and revenue of approximately $62.93 billion.

Geopolitical Events

May 27–31: 78th World Health Assembly (Geneva, Switzerland)

The World Health Assembly convenes to discuss global health priorities, including pandemic preparedness. Outcomes may influence public health policies and funding allocations.

Levels We Are Watching