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Market Headlines 👀 

• US Federal reserve announces US banks have successfully passed the annual stress test.

• US personal income and spending (PCE) data will be announced tomorrow morning.

• US weekly jobless claims came in softer at 233k; vs est: 236k.

• SpaceX raises an internal round selling insider shares, valuing the company at $210b.

• Amazon (AMZN) is planning to launch a low cost apparel store to take on the likes of Temu and Shein in China.

Earnings 💸

• Nike.com (NKE)

  • EPS: $0.99 beats (exp. $0.84)

  • Revenue: $12.6b misses (exp. $12.86b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

Despite the expectation of some seasonal weakness, the SPY has managed to hang in pretty well so far this week, finding support at the 1.618 Fibonacci extension from the March highs. The 8-period EMA has been putting in work as well, acting as a key trend indicator since this move started back in October of last year. If this index is to roll over, losing the 8 EMA will be the first sign of trouble.(Contributed by Jason Krutzky of Trendspider ).

Things are setting up over on the AMZN daily chart. With a powerful breakout of the ascending triangle on volume and a multi-week squeeze beginning to fire, this push higher could have legs. The measured move brings it to $214, nearly +12.5% from the breakout level.(Contributed by Jason Krutzky of Trendspider ).

META has recovered well since gapping down in late April, trading just 2.5% off its all time high, and seasonality suggests more strength to come in July. With an historical average win rate of 75% and a mean change of 5.77% during the sultry summer month, bulls appear have the wind in their sails, at least for now.(Contributed by Jason Krutzky of Trendspider ).

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Market Preview 🎞️ 

• Friday, June 28th: Personal income and spending (PCE) data; University of Michigan consumer sentiment; End of quarter rebalancing

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That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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