The S&P 500 registered a second consecutive weekly advance, gained 2.3%, while the NASDAQ gained 3.4% mainly thanks to the technology and biotechnology sectors and a surprisingly good April new home sales. Considering last week data, there is now even a better chance of a new interest rate hike during June or July. The dollar index was up by 0.4%, getting stronger for a fourth consecutive week, which also reflects the rate hike expectations.

The market is back to 2016 highs, however market direction will only become clear if it will reach a new high. Until then, market direction is very hard to predict.

Let's take the technical view of the market. As we watch the S&P 500 daily, we can see that we are getting very close to the 2100 resistance area. It will be very hard for the market to cross this area. Again we can only say that the market is up to ending wild if we are going to cross the area.

Let's take a look at last week picks. My first pick for last week was LYB short under 80 USD. The trade did trigger, however the market moved up and LYB fell. My second pick was SSYS short. The same story - market did move up and SSYS did trigger, however fell.

Let's have two picks for this week. My first pick for the week is MTD long over 82 USD. Medtronic is a medical equipment company. It looks great, it is the weekly chart of MDT. My second pick for this week is BABA long over 81,31 USD. BABA has very nice technical formation.