DailyPlay Update – May 3, 2024

Buyers stepped in and maintained control all sessions on Thursday after Chairman Powell alleviated concerns about rate hikes. The bond market has shifted its expectations for the first rate hike to November going into the jobs numbers this morning. 10-year yields continue to moderate and provide a tailwind for equities.

Despite this, equities remain below a key 50D SMA, which warrants caution on bullish positions and having some short exposure. Our DailyPlay Portfolio reflects this positioning and we will refrain from adding any new positions at this time.