Stock Market Weekly update -Jun 4th

  The Nasdaq100 saw another market rally yet again last week, making it 6 weeks in a row now.  The DOW and Small-caps also rallied, finally starting to play catchup to the big Nasdaq rally. The debt ceiling deal was finally passed, and we also got a huge Jobs number, both adding fuel to the rally.

We're now almost at that S&P500 4300 level (the August high), where we could run into some resistance this week.


The Dollar stalled after rallying for 3 weeks. Bonds/Interest rates were flat.

The long term 'weekly downtrend' from the January 2022 high in the SPX (weekly 20MA line) has  turned back up.  We've been chopping around in a range since  April 2022.  Less  likely now maybe, but this weekly trend could also eventually take us down to the pre-Covid highs of early 2020. The DOW & the Small-caps have already touched that level and rallied back up (see pics below). 

NYA (NYSE composite) & IWM (small-caps): -popped last week.
The Dollar -rallied for a 3rd week! 10yr Interest rate was up as well!
Gold and Oil was mostly flat.
Bitcoin/Crypto was down slightly.

The SPX will probably hit the prior high, around 4300ish, with the Small-caps probably continuing the 'catchup' rally -Indexes
Huge Treasury sales on Monday as they begin to refill the Treasury bank account, post debt ceiling deal :) 

Pops & Drops:  

AVGO, MRVL, NVDA, PANW popped!

AAP, DG, OKTA,  dropped... 


S&P 500 - popped again last week 
 The pink Box shows this week's expected range +-63.
The Blue line shows the Aug high of around 4300 




DOW -leading up

S&P500

NASDAQ


1/1/23:  Indexes vs Pre-Covid early 2020 highs -the DOW already got there & reversed


Market concerns:   Inflation? 
Over $31 Trillion in debt!  See Debt Clock on the left, or here... 

New all time Highs:   DRI, ORCL, PANW  -all time LOWS:   

Options watch:   S&P 500 Implied Volatility  (CBOE VIX) -at multi-year lows!
ETFs SPY, IWM, QQQ, SQQQ/TQQQ, XLF, XLE,  EEM,  GLD/SLV,

Stocks AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA...

Next week:      
MTWThuF
Earnings: 
DOCU, 
Events:





This week's charts: 



5/28: S&P vs DAX vs Japan


5/28: ...and at higher rates!

Links...

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