Markets posted a third day of losses on Wednesday
The indexes posted modest declines, again…
- Dow Jones -0.3%
- Nasdaq -1.2%
- S&P 500 -0.5%
- Russell 2000 -0.2%
Though it was hard to call the day a victory for the bears…
Sector Round Up
6 of the 11 sectors ended Wednesday higher.
At the top…
- Utilities (XLU) +0.8%
- Energy (XLE) +0.8%
- Industrial (XLI) +0.6%
Risk-on sectors rounded out the bottom…
- Communications (XLC) -1.0%
- Consumer Discretionary (XLY) -1.2%
- Technology (XLK) -1.5%
The VIX fell during Wednesday’s session and reached its lowest level since February 2020…
The last time the VIX was below 14 was before the COVID crash and during a 10-year bull market.
Three days of losses are simply helping the market balance out. There is no fear or panic. We are reiterating our bullish stance.
Your latest readout…
- RSI levels have all returned to neutral
- The Put-to-Call Ratio settled neutral after lurching to extremely oversold conditions at the open
Just seven trading days remain in June.
After next week the market will have a shortened week around Independence Day.
Stay tuned … Next week, you’ll receive your complete July guide.
*GRNQ support at $2.20
*PPSI support at $8
*^GSIT support at $7, resistance at $8
INOD support at $12
GASS support at $3.60
^CIFR resistance at $3
^PLAB support at $24
OSG support at $4
HEPS support at $1.40
BTBT support at $3.50
PDCO support at $31
^AI support at $40
MRNS support at $10
Secondary watchlist—float 100+ million
KTOS support at $14.50
NEXT support at $8
GOL support at $4.50
RKLB support at $5.50, resistance at $6