{"id":22835,"date":"2026-05-04T13:19:02","date_gmt":"2026-05-04T20:19:02","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=22835"},"modified":"2026-05-04T13:19:02","modified_gmt":"2026-05-04T20:19:02","slug":"w-market-up","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/w-market-up\/","title":{"rendered":"Technical Analysis Weekly Market Update PLUS: CannonEdge Snapshot, Pre-Market Briefing TEXT & PODCAST, Levels, Reports; Your 5 Important Can’t-Miss Need-To-Knows for Trading Futures on May 5th, 2026"},"content":{"rendered":"\n\n\n
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At A Glance Levels<\/h3>\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nS2<\/th>\nS1<\/th>\nPivot<\/th>\nR1<\/th>\nR2<\/th>\n<\/th>\n<\/th>\n<\/tr>\n<\/thead>\n
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Gold (GC)<\/strong><\/h2>\n

\u2014 June (#GC)<\/td>\n

4421.47<\/td>\n4473.33<\/td>\n4561.97<\/td>\n4613.83<\/td>\n4702.47<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Silver (SI)<\/strong><\/h2>\n

\u2014 July. (#SI)<\/td>\n

70.17<\/td>\n71.67<\/td>\n74.10<\/td>\n75.60<\/td>\n78.03<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Crude Oil (CL)<\/strong><\/h2>\n

\u2014 June. (#CL)<\/td>\n

95.59<\/td>\n100.43<\/td>\n103.94<\/td>\n108.78<\/td>\n112.29<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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\u00a0June Bonds (ZB)<\/strong><\/h2>\n

\u2014 June. (#ZB)<\/td>\n

111 4\/32<\/td>\n111 22\/32<\/td>\n112 19\/32<\/td>\n113 5\/32<\/td>\n114 2\/32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Technical Analysis Weekly Market Update<\/h2>\n

By Eli Levy, Senior Analyst<\/em><\/h3>\n

\"Market\"<\/p>\n

Jeff DeGraff of Renaissance Macro had what I think was the cleanest framing of where this market sits as we close out April:\u00a0we\u2019re still dancing, but we\u2019re staying in close proximity to the door.\u00a0The tape is the dominant factor, and the tape is moving in the right direction \u2014 that keeps DeGraff constructive.<\/p>\n

But RenMac\u2019s market cycle clock is sitting in\u00a0what has historically been the worst zone for forward S&P 500 returns, and his bubble indicator on semiconductors is still flashing. He also reminded viewers that when an index doubles within a two-year window, there\u2019s a very high probability of a 30%+ correction in the following six months.<\/p>\n

S&P 500\/Nasdaq<\/h3>\n

The rest of the week was, frankly, euphoric \u2014\u00a0April was the best month for the S&P 500 since November 2020, the\u00a0Nasdaq 100 had its best month since October 2002, and the\u00a0Nasdaq Composite had its best April on record. We\u2019ve rallied roughly\u00a014% off the late-March lows, driven by the part of the story you actually want driving it: earnings.<\/p>\n

Q1 Growth<\/h3>\n

Q1 EPS growth is tracking at\u00a028.8%\u00a0versus a 14% expectation \u2014 better than a double. Of the 315 S&P names reported,\u00a072% beat top line, 81% beat bottom line, revenue growth at\u00a011.2%, tech earnings growth in the 40s. The hyperscaler CapEx number \u2014 roughly\u00a0$700 billion\u00a0for the year \u2014 was confirmed and extended into 2027.<\/p>\n

SOX<\/h3>\n

SOX printed a fresh all-time high;\u00a0IGV is now Tom Lee\u2019s top software pick. But the median S&P constituent is still\u00a013% below its 52-week high; chip space monthly moves were parabolic (Intel +114%, Astera +78%, AMD +74%); SPX is sitting\u00a0~5.5% above its 50-DMA. Don\u2019t fight the tape. But stay close to the door.<\/p>\n

See review of many charts from different segments along with key levels to watch and market direction HERE.<\/em><\/a><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge \u2014 Your Daily Futures Snapshot for May 5th<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for May 5th, 2026<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Economic Reports<\/h3>\n

provided by:\u00a0<\/a>ForexFactory.com<\/a><\/p>\n

All times are Central Time ( Chicago)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Find us on Trustpilot<\/h1>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Call Now<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Listen to our podcast: Subscribe on\u00a0Apple<\/a>,\u00a0Spotif<\/a>y,\u00a0Amazon<\/a><\/p>\n

or wherever you listen to podcasts!<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Trading Co., Inc.<\/span><\/strong><\/em><\/p>\n

12100 Wilshire Blvd.<\/span><\/strong><\/em><\/p>\n

Suite 1640<\/span><\/strong><\/em><\/p>\n

Los Angeles, CA 90025 US<\/span><\/strong><\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

At A Glance Levels Instrument S2 S1 Pivot R1 R2 Gold (GC) \u2014 June (#GC) 4421.47 4473.33 4561.97 4613.83 4702.47 Silver (SI) \u2014 July. (#SI) 70.17 71.67 74.10 75.60 78.03 Crude Oil (CL) \u2014 June. (#CL) 95.59 100.43 103.94 108.78 112.29 \u00a0June Bonds (ZB) \u2014 June. (#ZB) 111 4\/32 111 22\/32 112 19\/32 113 5\/32 […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,234],"tags":[],"class_list":["post-22835","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-trading-guide"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/22835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=22835"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/22835\/revisions"}],"predecessor-version":[{"id":22836,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/22835\/revisions\/22836"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=22835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=22835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=22835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}