Market Dip? Key Levels to Watch for Upside and Downside

Summary

Markets are experiencing a pullback today, May 28th, with both the SPY and QQQ opening at previous day lows and showing a potential for a gap fill downwards. However, holding these previous day lows could signal a move back up towards previous day highs. Key economic data releases this morning include prelim GDP, unemployment, and core PCE price index. Semiconductors, specifically the SMH, are showing a bit more weakness, trading below their previous day lows, while names like Amazon and Meta are displaying strength, with Amazon looking solid above its previous day highs and Meta breaking out of its range. For Tesla, maintaining above four hundred thirty-five dollars is crucial for upside potential, while Nvidia needs to reclaim two hundred twelve dollars to signal a reversal. AMD remains bullish above its previous day lows around four hundred eighty-four dollars. The overall market sentiment leans slightly bullish on higher time frames, with a key focus on maintaining previous day lows as support.