The S&P 500 (SPY) took a nice bounce off its $208.67 support level on Friday. Both 1-month and 6-month trends turn back to bullish.
The bullish DailyPlay we chose for Monday May 4th is Starbucks Corporation (SBUX). SBUX is part of the Consumer Discretionary Sector (XLY). Over the last three months, XLY has been the second best performing sector in the S&P 500. Currently, XLY’s 1-month trend is neutral and 6-month trend is bullish, as it looks positioned to move higher.
Starbucks is in a strong bullish trend with a technical score of 9. After a slight pullback to its $49.77 support level, SBUX has taken a nice bounce higher with positive momentum, which is a bullish signal.