Downloads are available here. MACD cross days available here.
Register for Market Trends here.
Sizing Up the S&P 500
- Bearish outside day and doji candlestick
- Potentially overbought, according to Keltner Pullback custom indicator
- S&P 500 rose for 5 straight sessions, longest streak since November 2021
- RSI hits overbought for 1st time since August
- NAAIM survey +36 pts, biggest gain since April 7 2021
- Mirrors big increase AAI survey the prior week
- Most new 52-week highs since April 2022
- Longer-term moving averages may limit pullbacks
Key News
- Fed pauses but signals 2 more hikes: “Hawkish pause”
- Powell sees progress: slower GDP growth, labor market loosening, supply-chain improvements
- “Conditions that we need to see in place to bring inflation down are coming into place […] but the process […] is going to take some time.”
- Inflation cools:
- CPI hits 26-month low of 4% y-o-y.
- PPI +1.1% vs +1.5% estimate
- China PPI -4.6%, biggest drop since May 2016
- Goldman Cuts oil outlook by 9.5% as Russia, Iran supply more
- Goldman sees L-shaped recovery in Chinese real estate
- CNBC: Economists expect housing inflation to slow sharply amid data quirks
Company News
- Advanced Micro Devices (AMD): New AI-focused chip coming in Q3
- Catalent (CTLT) rebounds after earnings, revenue beat
- Carnival (CCL), Norwegian Cruise Lines (NCLH) and Royal Caribbean (RCL) jump after JPMorgan sees bookings improve
- Oracle (ORCL): Earnings, revenue beat
- Health insurers drop on unexpected surgery surge
- Lennar (LEN): Earnings Revenue beat
Mover of the Week: Yext
- Earnings, revenue, guidance beat forecasts on June 6
- Content-customization software with AI features
- Little changed since April 2017 IPO
- YEXT +101% YTD
Upcoming Events
- This afternoon: Adobe (ADBE) earnings
- Friday 6/16: Quad witching, consumer sentiment
- Monday 6/19: Juneteenth market holiday
- Tuesday 6/20: Housing starts, building permits, FedEx (FDX) earnings
- Thursday 6/22: Jobless claims, existing home sales
Security futures are not suitable for all investors. To obtain a copy of the security futures risk disclosure statement Investment and Trading Disclosures Booklet – Futures.
Exchange Traded Funds (“ETFs”) are subject to management fees and other expenses. Before making investment decisions, investors should carefully read information found in the prospectus or summary prospectus, if available, including investment objectives, risks, charges, and expenses. Click here to find the prospectus.
Options trading is not suitable for all investors. Your TradeStation Securities’ account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. See Characteristics and Risks of Standardized Options.
