The major US stock indices are ending the day lower. The Dow Industrial Average is closing down (only 0.03% but still lower) for the 5th consecutive day. In the month of May, the Dow was only up one day (last Friday).

The final numbers are showing:

• Dow industrial average of -8.9 points or -0.03% at 33300.63
• S&P -6.56 points or -0.16% at 4124.07
• NASDAQ index -43.77 points or -0.36% at 12284.73
• Russell 2000 fell -3.85 points or -0.22% at 1740.84

For the trading week, the Dow and S&P are ending lower. The Nasdaq was up marginally:

• Dow industrial average fell -1.11%
• S&P index fell -0.29%
• NASDAQ index rose 0.4%
• Russell 2000 fell -1.08%

Looking at some of the big cap stocks this week:

• Alphabet surged 11.31%
• Microsoft fell -0.54%
• Apple fell -0.61%
• Nvidia fell -1.19%
• Meta rose 0.442%
• Amazon rose 4.35%
• Disney tumbled -8.45%
• Tesla felt -1.22%

The regional banks were under pressure this week:

• KRE ETF (regional bank ETF), -5.16%
• PacWest Bancorp, -21.01%
• Western alliance Bancorp, +1.14%
• First Horizon Corp, -11.61%
• Zion Bank -5.6%
• Citizens financial group -6.20%

This article was written by Greg Michalowski at www.forexlive.com.

The price of bitcoin has moved to a new low for the day, week, and month and traded at the lowest level since March 17.

Looking at the 4-hour chart, the price this week also fell below a neckline of a head and shoulder formation.

On the downside, the 38.2% retracement of the move up from the November 22 low would target $25,071. Ahead of that would be swing highs going back to February around the $25,270 level. Move below the 38.2% and the door opens for more selling momentum.

Moving back above the $27,000 level would probably disappoint sellers, and back above the broken neckline would also hurt the sellers looking for more follow-through selling off of the head and shoulders break.

This article was written by Greg Michalowski at www.forexlive.com.

Below are the major releases for next week, organized by day, including expectations and previous release values:

Monday, May 15

• 8:30am: USD – Empire State Manufacturing Index
  • Expectation: -1.9
  • Previous: 10.8

Tuesday, May 16

• 2:00am: GBP – Claimant Count Change
  • Expectation: 31.2K
  • Previous: 28.2K
• 8:30am: CAD – CPI m/m
  • Previous: 0.5%
• 8:30am: CAD – Median CPI y/y
  • Previous: 4.6%
• 8:30am: CAD – Trimmed CPI y/y
  • Previous: 4.4%
• 8:30am: USD – Core Retail Sales m/m
  • Expectation: 0.3%
  • Previous: -0.8%
• 8:30am: USD – Retail Sales m/m
  • Expectation: 0.7%
  • Previous: -1.0%
• 9:30pm: AUD – Wage Price Index q/q
  • Expectation: 0.9%
  • Previous: 0.8%

Wednesday, May 17

• 5:50am: GBP – BOE Gov Bailey Speaks
• 9:30pm: AUD – Employment Change
  • Expectation: 25.0K
  • Previous: 53.0K
• 9:30pm: AUD – Unemployment Rate
  • Expectation: 3.5%
  • Previous: 3.5%

Thursday, May 18

• 8:30am: USD – Unemployment Claims
  • Expectation: 260K
  • Previous: 264K
• 11:00am: CAD – BOC Gov Macklem Speaks

Friday, May 19

• 11:00am: USD – Fed Chair Powell Speaks

This article was written by Greg Michalowski at www.forexlive.com.

WTI crude all features are settling the day and the week at $70.04. The price is down -$0.83 or -1.17%. The low price reached $69.93. The high price reached $71.78.

For the trading week crude oil prices are down $1.28 or -1.79%. That is the 4th down week in a row. From the swing high during the week of April 10 to the settlement today, the price is down around -16.25% (the high price during the week of April 10 reached $83.53).

For the trading year, the price is down around -12.87% (the end-of-the-year level was at $80.26).

Looking at the hourly chart, the price high this week reached $73.89 on Wednesday. On Thursday, the price fell below both the 100 and 200-hour moving averages. In trading today, the corrective high ticked briefly above the 200-hour moving average but quickly reversed. The price low tested the 38.2% retracement of the move up from the exhaustive low from back on May 3. That level came in right around the $70 level.

Stay below the 200-hour moving average keeps sellers more control. Breaking below the 38.2% retracement would open the door for a run toward the 50% midpoint at $68.77.

This article was written by Greg Michalowski at www.forexlive.com.