6/26 Bearish. 200 Buying | 250 Selling.
% Stocks Over 50SMA is Bearish – Overbought. Primary Indicator is Neutral. 20% Weekly is Bullish.
The market held near all-time highs led by mega-cap techs like NVDA, GOOG, AAPL, and MSFT, offsetting broad profit-taking and weakness in small- and mid-caps. Despite mixed sector breadth, tech and communication services showed resilience while real estate and small caps lagged notably. Volatility remains subdued as VXX trends lower.
Watch for Thursday’s Q1 GDP third estimate and durable goods orders for fresh economic direction amid quiet Fed commentary and subdued geopolitical risk.
Key Takeaway:
Swing traders should remain cautious given the bearish breadth and overbought conditions despite the tech-led index strength. Focus on high-quality tech and communication services names with strong relative volume and momentum, while avoiding small- and mid-cap sectors showing clear distribution. Use tight stops near support levels and watch for volume confirmation on any breakouts or breakdowns around key moving averages.
Watchlist
Continuation: ESGL (S1: 3.0, S2: 3.2, S3: 3.3, R1: 3.5, R2: 3.7, R3: 3.8)
Anticipation: MSFT (S1: 490, S2: 485, S3: 480, R1: 495, R2: 500, R3: 505)