6/3 Cautiously Bullish. 400 Buying | 150 Selling.
T2108 is Bullish. Primary Indicator is Bullish. 20% Weekly is Bullish – Caution.
The market rebounded strongly from early tariff-related jitters, led by mega-cap tech names Meta and NVIDIA, supported by better-than-expected ISM Manufacturing data and hopes for US-China trade talks. Treasury yields rose alongside stocks, signaling rotation from bonds into equities.
Energy (+1.2%) and Technology (+0.9%) sectors led gains, while Industrials lagged slightly. VXX remains subdued, indicating low volatility and a favorable environment for momentum trades.
Fed’s Daly comments on likely two rate cuts in 2025 and upcoming Factory Orders and JOLTS data Tuesday add macro focus.
Key Takeaway:
Focus on mega-cap tech and energy sectors showing strength amid tariff uncertainty and trade talk optimism. Watch for continuation setups in names with rising volume and momentum, but manage risk given tariff-driven headline risks and mixed manufacturing data. Avoid sectors sensitive to steel tariffs like autos and homebuilders for now.
Watchlist
Continuation: AVGO (S1: 243, S2: 244, S3: 245, R1: 250, R2: 252, R3: 255)
Continuation: INTU (S1: 755, S2: 758, S3: 760, R1: 765, R2: 768, R3: 770)
Anticipation: X (S1: 53.5, S2: 53.45, S3: 53.36, R1: 53.52, R2: 53.57, R3: 53.6)
Anticipation: FICO (S1: 1732.5, S2: 1736, S3: 1738, R1: 1750.5, R2: 1750.5, R3: 1751.3)
