Stock Market Summary

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The News Buzz

• Major indexes are mostly down following the Juneteenth holiday.

• The Commerce Department reported that May Housing Starts rose at a seasonally adjusted annual rate of 1.277 million, down 5.5% from April and 19% down year-to-year.

• The Philadelphia Federal Reserve's General Activity Index, a measure of manufacturing activity in the region, dropped to 1.3 in June, its lowest level since January but still above zero, the expansion territory threshold.

• Semiconductor and other technology companies were among the weakest areas as chip leaders like NVDA pulled back from record highs. NVDA ended down 3.5% after rising to a record high near $141.

• Energy shares led Thursday's gainers behind a continued rally in WTI Crude Oil futures, CL, which climbed for a fourth straight trading day and hit a two-month high above $81 per barrel.

• Tim Cook says it's a 'significant possibility' people use their iPhones less because of AI.

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AAPL Update

• After satisfying and exceeding the highest target with a possibly completed Elliott Wave structure, AAPL was rejected by the upper blue trendline.

• But to confirm the top, it needs below the lower blue trendline and 164.4.

SOX Update

• A possible reversal in the important semiconductor index, SOX, also.

• It made an initial 5 waves down at a micro level.

Market Summary

Market Data

As of close on 20 June 2024.

What Has Been

•  I hinted in the last report about potential reversal. Remember the title “Last Gasp?” I also elaborated on why in the premium report. We got it today, most likely.

• Asian markets were mixed, while European bourses were green.

• After an initial gap, indexes “crapped,” and only DJI ended in the green.

• Specifically, Dow advanced 299.9 points or 0.77% to 39,134.76. S&P 500 declined 13.86 points or -0.25% to 5,473.17. Nasdaq declined 140.65 points or -0.79% to 17,721.59, and Russell 2000 declined 784 points or -0.39% to 2,017.39.

• USD was in the green due to a mini “flight to safety.”

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