Next Day Prep: Bulls Roar as Mega-Caps Drive Record Highs
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
The market closed the week at record highs with the S&P 500, Nasdaq, and Dow all hitting new closing and intraday records. The bulls seem in control, but there are underlying concerns about market breadth.
Overnight Headlines
- Apple (AAPL): Reports of strong international demand for new iPhone 17 lineup driving stock up over three percent.
- Oracle (ORCL): Boosted by positive comments on potential TikTok deal.
- Alphabet (GOOGL) & Tesla (TSLA): Strong performances lifting communication and consumer discretionary sectors.
Economic Announcements
Fed messaging remains accommodative with mentions of potential rate cuts supporting the market’s upward momentum. Volatility remains low.
Earnings Highlights
- FedEx (FDX): Beat earnings and raised guidance, signaling a positive outlook for the broader economy.
- Lennar (LEN): Slipped after revenue miss impacting the home construction sector.
- Scholastic (SCHL): Dropped about twelve percent, reflecting cautious school spending.
Top Movers
- Google (GOOGL): Potential to continue momentum with support at 255 and resistance at 256.70.
- OKLO: Strong bullish momentum targeting resistance at 136.50 with support at 134.
- Synopsys (SNPS): Consolidation below resistance at 497, poised for a potential breakout.
- Tesla (TSLA): Approaching resistance at 427 with support at 425, indicating a possible move higher.
Quick Trade Ideas
Watch Google for a potential breakout above 256.70 and consider OKLO for bullish momentum trades near 134 support. Synopsys and Tesla also present breakout opportunities at key levels.
Key Takeaway
The market is led by mega-cap tech while exhibiting narrow breadth. Stay tactical, respect stop-losses, and monitor upcoming inflation data in the week ahead.