7/8 Bearish. 225 Buying | 465 Selling.
% Stocks Over 50SMA is Bearish – Overbought. Primary Indicator is Bullish. 20% Weekly is Neutral.
The market pulled back after a strong run, pressured by new tariff announcements targeting key Asian countries and broad sector selling led by consumer discretionary and semiconductors. Defensive sectors like utilities and staples showed resilience amid the risk-off tone. Energy held up relatively well despite mixed guidance and production increases. Volatility remains subdued with VXX stable, reflecting measured trader caution.
Key sectors to watch include Technology and Consumer Discretionary, which have shown recent momentum but face resistance amid geopolitical concerns. The market is consolidating within recent ranges, awaiting fresh catalysts. Tuesday brings June NFIB Small Business Optimism and Consumer Credit data, which could influence sentiment.
Key Takeaway:
Traders should be cautious given the bearish volume skew and tariff uncertainty. Focus on defensive sectors and look for long entries near support in strong momentum names. Avoid chasing breakouts without confirmation, especially in discretionary and semiconductor stocks. Use tight stops below key support levels as the market digests tariff news and consolidates ahead of economic data.
Watchlist
Continuation:
DASH (S1: 243, S2: 245, S3: 246.5, R1: 247.5, R2: 249, R3: 250)
BKNG (S1: 5760, S2: 5780, S3: 5800, R1: 5850, R2: 5890, R3: 5900)
Anticipation:
AAPL (S1: 209, S2: 208.5, S3: 207.5, R1: 210.5, R2: 211, R3: 212.5)
CRWD (S1: 499, S2: 498, S3: 496.5, R1: 505, R2: 506.5, R3: 510)