Welcome to the Weekly Market Update!
Welcome to this week’s edition of the Weekly Trading Insight! As we navigate through a dynamic market landscape influenced by technological advancements and key economic indicators, our aim is to equip you with the necessary insights to make informed trading decisions. This week, we delve into the latest market data, highlight significant trends, and identify opportunities that lie ahead.
Market Recap
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US 30: Closed at 39,210.40, up by 46.9 points or 0.12%.
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US 500: Ended the week at 5,482.30, up by 14.2 points or 0.26%.
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Dow Jones Industrial Average: Increased to 39,198.72, up by 48.39 points or 0.13%.
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S&P 500: Finished at 5,478.55, up by 13.93 points or 0.26%.
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Nasdaq Composite: Closed at 17,720.56, up by 27.18 points or 0.15%.
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S&P 500 VIX: Decreased to 12.95, down by 0.25 points or 1.89%, indicating reduced market volatility.
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Dollar Index: Decreased to 105.30, down by 0.18 points or 0.17%.
Feature Analysis: China’s Manufacturing and Services Activity Slows in June
China’s factory activity contracted for the second month in June, with the PMI at 49.5. Services activity also declined to a five-month low of 50.5. Despite strong exports in May, overall demand remains weak. Analysts expect more fiscal measures to boost domestic consumption amid high local-government debt and deflationary pressures. Premier Li Qiang remains optimistic about steady economic improvement, with further insights anticipated from the Third Plenum in mid-July.
Trading Strategies and Ideas
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PHLX Semiconductor Index: The SOX found support at the 20-day SMA but is hovering around it, suggesting a potential deeper pullback. If the SOX drops below the 20-day SMA, support may be found around 5,000. Holding above the 20-day SMA would indicate resilience. Near-term technical translation: bullish if SOX > 20-day SMA, bearish if SOX < 20-day SMA.
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Nasdaq 100 Index: The NDX briefly traded above the 20,000 level, facing selling pressure. Historically, indexes often meet resistance at round numbers. A potential bearish sign is the negative divergence in the RSI, with a lower RSI accompanying the new high. Near-term technical translation: bearish.
Upcoming Events to Watch
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Monday (July 1): Construction Spending, ISM Manufacturing Index
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Wednesday (July 3): ADP Employment Change, Continuing Claims, EIA Crude Oil Inventories, EIA Natural Gas Inventories, Factory Orders, FOMC Minutes, Initial Claims, MBA Mortgage Applications Index, Trade Balance
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Friday (July 5): Average Workweek, Average Hourly Earnings, ISM Non-Manufacturing Index, Nonfarm Payrolls, Nonfarm Private Payrolls, Unemployment Rate.
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Remember to stay informed, adapt to market conditions, and focus on disciplined trading practices. Your success is our top priority, and we’re here to support your journey.
Disclaimer
This newsletter is for informational purposes only and does not constitute financial advice. Always do your own research and consider consulting a financial advisor.
Thank you for reading! Wishing you successful trades ahead!
