Morning Notes – Friday, May 12, 2023

Directional Bias For The Day: S&P Futures are higher at 9:00 AM. Futures have been forming a downsloping flag since 5:00 AM. The odds are for an up day with elevated volatility – watch for a break above 4162.50 and a break below 4153.50 for clarity The major economic data reports due during the day:…