Strategy Update (2024-05-23)

With the FOMC minutes out of the way and the good reaction to Nvidia's earnings, it looks like the Nasdaq rally has legs to continue higher.

Alpha Signals strategy continues firmly on a green signal since May 8th
Alpha Signals strategy continues firmly on a green signal since May 8th

The release of the FOMC minutes yesterday, May 22nd, induced some volatility, and the market experienced a slight pullback. Nevertheless, the dip was bought into the close.

This morning, the market gapped higher after Nvidia posted a double beat on earnings per share and revenue guidance, announced a stock split, and increased its dividend. With the earnings out of the way and a strong reaction, the megacap tech stocks could potentially continue to power the rally higher.

The Nasdaq at all-time highs is another strong sign that the current momentum and uptrend are beneficial for the Alpha Signals strategy.