6/4 Cautiously Bullish. 500 Buying | 100 Selling.
% Stocks Over 50SMA is Bullish – Caution. Primary Indicator is Bullish. 20% Weekly is Neutral.
The market advanced with a pro-cyclical tilt, led by small-caps, mega-cap tech, and semiconductors, supported by a strong April JOLTS report despite global growth downgrades.
Technology and energy sectors outperformed, with notable strength in semiconductors (NVDA +2.9%) and broad-based buying, while volatility remained subdued as VXX showed minor fluctuations.
Upcoming catalysts include ADP Employment Change, ISM Services, and the Fed’s Beige Book, all due Wednesday, which could influence near-term momentum.
Key Takeaway:
Swing traders should focus on technology and semiconductor names showing strong volume and momentum, while maintaining stops near key support due to mixed global growth signals. The cautious bullish tone suggests favoring continuation setups in leaders but avoiding overextended plays amid below-average volume and moderate market consolidation. Monitor key support/resistance levels in SPY (~595 support, 596.5 resistance) and QQQ (~526 support, 528.5 resistance) for directional cues.
Watchlist
Continuation: TEAM (S1: 208, S2: 207.5, S3: 207.5, R1: 211, R2: 211.5, R3: 213)
Anticipation: CVNA (S1: 338, S2: 337.5, S3: 337.5, R1: 340, R2: 341, R3: 342.5)
