6/6 Bearish. 250 Buying | 265 Selling.
% Stocks Over 50SMA is Bullish – Caution. Primary Indicator is Bullish. 20% Weekly is Neutral.
The market saw a late-session selloff led by Tesla and other growth names, erasing morning gains amid mixed economic data and tariff concerns, while the trade deficit narrowing and conciliatory US-China talks provided some relief.
Communication Services edged out a slight gain, but Consumer Discretionary and Staples lagged notably, with rising volatility (VXX) signaling increased investor uncertainty.
Tomorrow’s key catalyst is the May Employment Situation Report, including nonfarm payrolls and wage data, which will likely set the near-term tone.
Key Takeaway:
Swing traders should exercise caution entering new long positions given the late-day weakness and rising volatility. Focus on stocks and sectors with confirmed support and strong relative volume, such as Technology and Financials, while avoiding discretionary and growth names showing heavy selling pressure. Monitor the employment report closely for directional cues and consider tighter stops to manage risk amid mixed breadth and sector rotation.
Watchlist
Continuation: ORCL (S1: 171, S2: 171, S3: 170.5, R1: 172, R2: 172, R3: 174)
Anticipation: ASTS (S1: 29, S2: 28.5, S3: 28, R1: 31, R2: 32, R3: 33)
