6/13 Cautiously Bearish. 150 Buying | 190 Selling.
% Stocks Over 50SMA is Bullish – Caution. Primary Indicator is Bullish. 20% Weekly is Bullish.
The market showed resilience amid geopolitical tensions and trade uncertainty, supported by rate-cut friendly economic data, with the S&P 500 and Nasdaq posting modest gains while small caps lagged. Technology led sector gains, buoyed by strong earnings from Oracle and chipmakers, though communication services and industrials underperformed. Volatility remains elevated with geopolitical risks surrounding the Middle East and trade policy developments ahead.
Tomorrow’s key catalyst is the preliminary University of Michigan Consumer Sentiment Index for June, expected at 10:00 ET.
Key Takeaway:
Traders should remain cautious given the bearish buying/selling imbalance despite bullish technical indicators. Focus on tech and select healthcare names showing momentum, while avoiding sectors under pressure like communication services and industrials. Use tight stops and look for confirmed breakouts near support levels, as geopolitical and economic uncertainties may cause swift volatility shifts.
Watchlist
Continuation: MSFT (S1: 477, S2: 478.5, S3: 479, R1: 480.5, R2: 481.5, R3: 483)
Anticipation: PLTR (S1: 135, S2: 134, S3: 133.5, R1: 135.5, R2: 136.5, R3: 137)