The Rally Continues & $1M Trading Competition 💰

The rally continues, inflation remains hot, and a chance to win over $1 million in prizes

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Humbled Trader
May 31, 2026

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The bulls didn't take Memorial Day off. In a holiday-shortened week, all the majors ripped to fresh record highs as Iran peace hopes, a roughly 10% drop in oil, and easing Treasury yields stacked up into one clean risk-on backdrop. The S&P 500 closed Friday at 7,580, up 0.22% on the day and more than 1% on the week, its ninth straight weekly gain and seventh consecutive winning session. The Dow stole the show, tacking on over 360 points to close above 51,000 for the first time ever (+0.72%).

Tech did the heavy lifting all month. The Nasdaq finished the week at 26,972 (+0.26% Friday) and capped a monster May, up roughly 8%. For the month, the S&P added about 5% and the Dow climbed nearly 3%. The fuel was earnings: Dell and Snowflake both spiked around 40% on the week after their reports, with Marvell adding to the AI-momentum story. The one crack: the Russell 2000 slipped 0.60% Friday to 2,919, pulling back from record highs as small caps lagged the mega-cap party.

Here's the catch we're watching into June. Thursday's PCE print showed core inflation at 3.3%, the hottest in nearly three years and still well north of the Fed's 2% target. The S&P and Nasdaq are both sitting at RSI 73, firmly overbought, and June is historically a flat month for stocks. Momentum has steamrolled every caution flag for two months straight, but we're heading into next week stretched and with a jobs report on deck.

‎TLDR Stock Market Weekly Update - May 30, 2026

📉Market Trends

  • Risk-On Trifecta: Iran peace headlines, a ~10% oil slide, and softer yields lined up to push every major index to record territory in a shortened week.

  • AI Earnings Carry the Tape: Dell and Snowflake both surged ~40% post-earnings, with Marvell joining in. The AI infrastructure trade is still the market's engine.

  • Overbought, Not Over: S&P and Nasdaq RSI both at 73, stretched, but high RSI hasn't stopped this bull for two months running.

  • Inflation Lurking: Core PCE at 3.3% is the hottest in nearly three years, a quiet headwind the market keeps shrugging off

📊 Technical Levels & Market Signals

  • Indices at Records: S&P 7,580, Dow above 51,000, Nasdaq 26,972, all printing fresh all-time highs, so there's no overhead resistance, just air. Watch prior breakout levels as support on any pullback.

  • IWM the Cleanest Chart: Despite Friday's dip, the Russell sits above all major moving averages with 651 (IWM) as the key level bulls want to defend on a pullback.

  • VIX Cooling: Volatility dropped below most of its moving averages, a calm tape, though it's still holding above the 200-day, so don't fully drop your guard.

🏛️ Economic Data, Rates & the Fed

  • PCE Runs Hot: Core PCE came in at 3.3%, the highest in nearly three years and still well above the Fed's 2% target, and inflation is not cooperating.

  • Fed Stays Parked: CME FedWatch points to a high probability of no change at the June 16-17 FOMC meeting, and market-implied odds now lean toward zero cuts for all of 2026.

  • Yields Eased Into the Rally: The 10-year closed at 4.45% and the 2-year at 3.98%, and yields drifted lower on the week, giving stocks room to run.

  • Jobs on Deck: Next Friday's May payrolls report is the week's main event after April added just 115K. A soft print could revive cut hopes, a hot one buries them.

Sources: Charles Schwab

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📅 Coming up next week…

Economic Events:

  • Mon (6/1): ISM Manufacturing PMI, S&P Global Manufacturing PMI, Construction Spending

  • Tue (6/2): JOLTS Job Openings, Factory Orders

  • Wed (6/3): ADP Employment, ISM Services PMI, S&P Global Services PMI

  • Thu (6/4): Initial Jobless Claims, Continuing Claims, Trade Balance, Q1 Productivity & Unit Labor Costs

  • Fri (6/5): May Jobs Report

Notable Earnings Reports:

  • Mon (6/1): HPE, SAIC

  • Tue (6/2): PANW, ULTA, DG, SIG

  • Wed (6/3): AVGO, CRWD, AI, VEEV, FIVE, M, OLLI

  • Thu (6/4): LULU, DOCU, PL

  • Fri (6/5): ABM

Sources: Earnings Whispers, Charles Schwab

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ORCL $225.78

  • The stock surged on Friday along with other software companies. The sector finally caught a bid after a series of earnings reports and growing confidence in enterprise AI adoption.

  • The stock also closed above the 200SMA for the first time since late 2025. I’m leaning bullish on this name, and watching the $217s KL on the daily.

  • If that level holds up as consolidation, then I’d be looking for a trend join long setup, both as a day trade and swing trade.

  • Position Disclosure: No position

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RGTI $25.54

  • This quantum computing stock popped, along with other similar names, after the company announced it would receive $100M from the Trump administration.

  • The stock also broke the technical daily downtrend and crossed over the 200D SMA.

  • The playbook is similar to the previous idea. I’m looking at the $24s area for consolidation, and trend continuation to the upside, as long as KL holds.

  • This is purely a swing trade idea.

  • Position Disclosure: I have a swing position at $26.4s.

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NOW $124.37

  • Similar to the ORCL idea, this is one of the software companies potentially benefiting from investors’ optimism about enterprise software AI adoption following SNOW's blowout earnings.

  • The stock finally closed above a low term downtrend that had started at the end of 2025.

  • I’m cautiously bullish on this name. If sector optimism continues, I think the stock has potentially a lot more upside to go.

  • The KL to watch is the $122 then $126 area on the daily. If those levels hold up, I am looking for a textbook trend join long set up to go long.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- $SNOW Shares of companies within the broader technology sector are trading higher as multiple catalysts maintain the rally, including U.S.-Iran negotiation optimism, Snowflake and Dell Q1 financial results, IBM's AI and quantum spending target and Anthropic's nearly $1 trillion valuation.
- How we traded: Gap Up Reversal Long Strategy

- $NOW Shares of software companies are trading higher. The sector may be benefitting from a rotation within information technology that favors established, asset-light business models amid concerns over elevated inflation and higher interest rates.
- How we traded: Backside Long Strategy

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