News:
On Friday, markets took a breather ahead of the long weekend.
The indexes post modest losses…
- Dow Jones -0.3%
- Nasdaq -0.7%
- S&P 500 -0.4%
- Russell 2000 -0.7%
Markets are finally beginning to retreat from overbought conditions. A dip was to be expected as markets always seek balance.
Sector Round Up
The markets declined without any sign of panic. In fact, 3 of the 11 sectors ended the session higher.
And no sector ended Friday’s session with a move of more than 1%.
At the top…
- Utilities (XLU) +0.5%
- Materials (XLB) +0.3%
- Consumer Staples (XLP) +0.1%
At the bottom…
- Financials (XLF) -0.2%
- Technology (XLK) -0.8%
- Communications (XLC) -0.8%
Technicals:
Over the long weekend, Bitcoin^ held a critical support level at $25,000.
The retest of this level shows that the market is still bullish. And the fact that it’s in Bitcoin, tells us the market is craving risk-on bets.
Your latest readout…
- The VIX declined despite the session’s losses
- RSI levels, the Nasdaq & S&P 500 remain overbought
- The Put-to-Call Ratio is neutral
Timing:
Coming off the long weekend, the market has little to look forward to.
Fed Chair Powell is scheduled to give testimony to 2 congressional committees this week.
Aside from that, the news cycle is expected to be slow as we look forward to July.
Watchlist:
*Low Float
^Open Position
*UTME support at $2.40
*PPSI on watch
*^GSIT support at $8
UP support at $3
INOD support at $10, resistance at $12
AAOI on watch
^CIFR resistance at $3
SYM on watch
OPRA support at $19
^PLAB support at $23
CBAT support at $1.30
HEPS support at $1.40
UPST support at $35
^AI support at $40
CVNA support at $20, resistance at $26
NVTS support at $9, resistance at $10
MRNS support at $9
Secondary watchlist—float 100+ million
ENVX support at $15
NEXT on watch
^IOT support at $28
TMC resistance at $1.40
GOL support at $4.50
ABCM on watch
JOBY support at $7
RKLB support at $5.50
^PLTR support at $16
CCL on watch