7/10 Cautiously Bullish. 450 Buying | 100 Selling.
% Stocks Over 50SMA is Bullish – Caution. Primary Indicator is Bullish. 20% Weekly is Neutral.
The market continues to show resilient bullish momentum led by mega-cap techs like NVIDIA and Broadcom, supported by declining interest rates and broadening buying interest. The Nasdaq hit new highs while small- and mid-caps also advanced, though at a more moderate pace. Utilities and technology sectors led gains, while energy and consumer staples lagged. Volatility remains subdued as VXX holds steady near lows, confirming a stable risk environment.
Investors are digesting tariff news without inflation fears, and the FOMC Minutes suggest growing expectations for rate cuts later this year. Watch for Thursday’s Initial Jobless Claims and 30-year bond reopening as potential catalysts.
Key Takeaway:
Swing traders should focus on leadership tech and utilities sectors showing strong relative volume and momentum. Look for entries near key supports on names like MSFT and AMAT, with tight stops below recent lows. Avoid energy and lagging consumer staples until clearer trend signals emerge. Maintain discipline as the market shows cautious optimism amid geopolitical and tariff uncertainties.
Watchlist
Continuation: MSFT (S1: 500, S2: 503, S3: 508, R1: 515, R2: 520, R3: 525)
Anticipation: AMAT (S1: 195, S2: 195.5, S3: 195.5, R1: 196, R2: 196.5, R3: 197)