10May3:40 pmEST
Twin Peaks and a Domed House of Mouse
Disney reports earning tonight after the bell. Like many multi-year winners in this market, such as AMZN AWK HD MCD, the "House of Mouse" has been incredibly resilient even when it appeared to be topped out. Regardless of the result and reaction tonight, I doubt DIS will tip the scales one way or the other in terms of the broad market's next direction.
But it will be interesting to see if the weekly chart, below, if the bull interpretation of a multi-quarter consolidation before the next leg higher prevails versus the bear read of two peaks and a lower high into earnings (the latter is highlighted).
Overall, the market seems to be on a mission to clean out the "Sell in May" crowd to kick the month off, which is fairly standard--The bearish May seasonality tends to kick in later in the month, and into June.
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