As you know, the market finished higher last week, mainly for two reasons. First, US jobs data remained strong, with the unemployment rate falling to 4.1%, which gave markets a solid push to the upside on Thursday. Then we also got news that the US passed a major bill—referred to by President Trump as a “big, beautiful bill”—which many believe could support the economy further. This helped fuel an additional extension higher across the board. Overall, we continue to see US indexes trading in a bullish fashion, with room for further gains. However, looking at the S&P 500 and NASDAQ100, we believe both could be approaching third-wave resistance zones going into the summer. So, we would expect some retracement ahead. On the S&P 500, wave four support could come in around 5800/ 6000, while for the NASDAQ, interesting support zones could be found between 21,000 and 21,500. But if you’re watching individual stocks, not all names are likely to weaken. There may be some sector rotation taking place. In particular, when looking at low-volatility stocks from the S&P 500, we’re still missing that final push higher into wave five—so there may still be opportunities in select sectors despite any broader index pullbacks.

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Grega

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Covered stocks: Amazon.com, Inc. (AMZN), Advanced Micro Devices, Inc. (AMD), ASML Holding N.V. (ASML), eBay Inc. (EBAY), Ford Motor Company (F), Nike. (NKE), Tesla, Inc. (TSLA), Exxon Mobil Corporation (XOM), S&P 500 Index (SP500), NASDAQ 100 Index (NASDAQ100), Riot Platforms, Inc. (RIOT), Marathon Digital Holdings, Inc. (MARA)