Market Update and Key Events for OptionsPlayers.com and What’s Next Wall Street Viewers
U.S. Stock Futures Start the Week Strong Amid AI Enthusiasm
U.S. stock futures edged higher on Monday, kicking off the last week of the first half of the year near record highs, largely boosted by the enthusiasm surrounding artificial intelligence. As of 04:20 ET (08:20 GMT), Dow futures were up by 70 points (0.2%), S&P 500 futures increased by 12 points (0.2%), and Nasdaq 100 futures rose by 45 points (0.2%).
The S&P 500 hit a new intraday record late last week and is up almost 15% year-to-date, while the Nasdaq Composite has gained nearly 18%. Conversely, the Dow Jones Industrial Average has lagged, with a year-to-date increase of just under 4%.
Key Focus This Week:
- May Personal Consumption Expenditure Data: This is the Federal Reserve’s preferred inflation gauge and is highly anticipated.
- Corporate Earnings: Key companies reporting include FedEx (NYSE: FDX), Micron (NASDAQ: MU), Walgreens Boots Alliance (NASDAQ: WBA), and Nike (NYSE: NKE).
Apple Faces EU Regulatory Challenges
Apple (NASDAQ: AAPL) has run into regulatory issues in the European Union. The European Commission stated that Apple’s App Store rules breach EU tech regulations by preventing app developers from steering consumers to alternative offers. The Commission also opened an investigation into Apple’s new contractual requirements for third-party app developers and stores.
ByteDance and Broadcom Partner on AI Chips
Chinese tech firm ByteDance is working with U.S. chipmaker Broadcom (NASDAQ: AVGO) to develop an advanced AI processor. This partnership aims to secure the supply of AI chips compliant with U.S. export restrictions, following recent blocks on major chipmakers like NVIDIA Corporation (NASDAQ: NVDA) from selling advanced AI technology to China.
EU and China Begin EV Trade Talks
The European Union and China have agreed to start talks on the imposition of tariffs on Chinese-made electric vehicles (EVs) imported into Europe. The EU plans to impose provisional duties of up to 38.1% on top of the standard 10% tariff by July 4, sparking potential retaliatory measures from China.
Yen Intervention Talk on the Rise
The Japanese yen weakened to its lowest level against the dollar since April 29, prompting intervention talk in foreign exchange markets. Japan’s top currency diplomat Masato Kanda indicated that authorities will take appropriate steps if there is excessive foreign exchange movement.
Reminders for OptionsPlayers Members:
- Moomoo Live Session Today at 11:00 AM ET: Join us for an exclusive demo with special perks for OptionsPlayers members.
- OP Live Market Review & Q&A Wednesday at 7:00 PM ET: Don’t miss our live session to review the current market and answer all your questions.
These are my top targets depending on the market as a whole. Keep in mind that any hint of imminent Fed Policy change can/will dramatically moving to a super bullish sentiment so trade accordingly and use our systems as much as you can!
$DIS
ER is May 07 pMkt
Forward PE is 21x
Institutional Ownership is 68%
Strong bullish 3 day candlestick pattern with Mild 3 day accumulation.
$BABA
Forward PE is 8x
Institutional Ownership is 12%
Short term typical pullback, pullback may start to slow. Oversold, odds favor long trades.
$BIDU
Forward PE is 7x
Institutional Ownership is 24%
Short term typical pullback, pullback may start to slow. Oversold, odds favor long trades.
$SBUX
Forward PE is 22x
Institutional Ownership is 71%
Intermediate trend bullish, Downtrend turned sideways, possible bottom.
$PYPL
Forward PE is 14x
Institutional Ownership is 69%
Short term strong pullback, pullback may start to slow-at support
$NUGT & $BTC
Bearish LONG Targets
PSTG
PE is 261x
Institutional Ownership is 84%
Bearish, Unsustainable uptrend, may turn sideways or drop soon.
TSLA
Forward PE is 71x
Institutional Ownership is 69%
Intermediate trend possibly bearish, Sideways trend near upper resistance.
NFLX
PE is 48x
Institutional Ownership is 82%
Overbought, odds favor short trades.
SPY/ SPX-
last week the watch was for 5507, which was the week before volume point of control. A break and hold above this level would signal the next leg higher into the upside reference point at 5535, 5575, and 5600.” Price made a weekly high at 5588, almost testing that final weekly upside level at 5600, where sellers were expected to step in.
For this week, the main watch is how price trades versus 5520, which was last week’s breakout point. If buyers can defend this level, price would target 5550, 5585, 5600, and 5650. If sellers continue to show follow through on Thursday’s sell-off with a sustained move below 5520, price will target 5490, 5460, and 5440.
Upside levels of interest:5550, 5585, 5600, 5650
Downside levels of interest: 5520, 5490, 5460, 5440
Notable Economic Data
- Thursday: GDP & Unemployment
- Friday: Core PCE
I’ll be looking to take some of the short plays on the watchlist while also scalping WMT puts. See you in chat where the plays have been amazing.
Stay informed and make the most of these educational opportunities to enhance your trading strategies and achieve your goals.
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