News:
Friday belonged to the bulls.
The markets cheered another blow-out jobs report.
US employers added 339,000 new jobs to the economy in May, far above the pre-pandemic average marked in blue…
The indexes all posted solid gains during Friday’s session…
- Dow Jones +2.1%
- Nasdaq +1.1%
- S&P 500 +1.5%
- Russell 2000 +3.6%
Weekend headlines offered renewed hopes that the predicted recession may be avoided.
Sector Round Up
All of the 11 sectors ended Friday in positive territory.
At the top…
- Materials (XLB) +3.4%
- Energy (XLE) +3.0%
- Industrials (XLI) +2.9%
Bringing up the rear…
- Utilities (XLU) +1.0%
- Technology (XLK) +0.6%
- Communications (XLC) +0.1%
Technicals:
The Russell 2000, representing the small-cap and most risky stocks, logged a technical breakout above a multi-month resistance on Friday…
The breakout is a clear signal from buyers. They are growing bolder as the signs of a recession fade.
The daily read out…
- The VIX ended the week near its lowest point since the pandemic began in 2020
- RSI levels are suggesting the market is overbought
- The Put-to-Call Ratio is neutral
Our outlook remains bullish.
Timing:
This week’s news cycle is likely to be quiet. No major economic events are scheduled. And most Q2 earnings reports have been posted.
Today is a notable 90-year anniversary. On this day in 1933, US President FDR ended the gold standard in the United States.
Watchlist:
*Low Float
^Open Position
*SDA on watch
*AMAM support at $14
*WLDS support at $1, resistance at $2
*RMTI on watch
*VIRI support ta $1.40
*GSIT support at $7
INOD support at $10
AEHR support at $40
EFTR on watch
NNOX support at $20
BHVN support at $20
APLD support at $9
OMER support at $7
^PLAB support at $20
BTBT support at $3
KOPN support at $1.80
^AI support at $30
CNVA support at $15
NVTS support at $8
Secondary watchlist—float 100+ million
EVLV support at $6
ZUO support at $11
LTCH key level $1.20
RIOT resistance at $12
^MVIS support at $4.50
PSTG support at $32
^PLTR resistance at $15