6/24 Bearish. 200 Buying | 260 Selling.
% Stocks Over 50SMA is Bullish – Caution. Primary Indicator is Bullish – Caution. 20% Weekly is Bullish.
The market showed relief following containment signals in the Israel-Iran conflict, with a late-session rally lifting the S&P 500 back above 6,000 despite geopolitical risks and energy sector weakness. Rate-cut speculation ahead of Fed Chair Powell’s testimony is supporting risk assets, while crude oil’s sharp decline pressured energy stocks.
Consumer discretionary led gains, driven by Tesla’s strong robotaxi rollout, alongside real estate, utilities, and financials benefiting from falling Treasury yields. Volatility remains subdued as VXX trends lower, supporting a cautiously bullish environment.
Fed Chair Powell’s semiannual monetary policy report before the House Financial Services Committee tomorrow will be a key catalyst, with markets watching for guidance on July rate cuts.
Key Takeaway:
Traders should focus on momentum names in consumer discretionary and tech sectors showing strong volume accumulation, while remaining cautious on energy stocks given the sharp crude selloff. Use tight stops near support levels and watch for volatility spikes around Powell’s testimony. Avoid chasing late-day rallies without confirmation on volume and sector breadth.
Watchlist
Continuation: ARM (S1: 148, S2: 147.5, S3: 147, R1: 149.5, R2: 149, R3: 148.5)
Anticipation: CVNA (S1: 316, S2: 318, S3: 320, R1: 322, R2: 324, R3: 326)