Stock Market Analysis Today [2024.06.07]: Will Market Continue Go Up?

Greetings and welcome to Stock Market Analysis Today. It’s Friday, June 7, 2024, marking the end of the first trading week. Let’s explore what insights the market holds for us today.

Key Trading Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the Bloomberg Calendar.

Around 8:30 AM, we’ll have the Unemployment Rate Report released. Apart from that, there aren’t any significant events scheduled for today.

Stocks with Earnings:

S&P 500

Looking at SPY, it’s trading near its highest level ever. The market dipped a bit after reaching this high, but we can expect it to keep rising. A big support level for the price is around 532. In general, the trend for the S&P 500 is positive.

Looking at the heatmap, we can see that the market wasn’t completely green or red; it’s somewhere in between. AMZN is up 2.05%, TSLA is also up, but NVDA is down 1.18%, and PYPL is up 5.49%. Overall, yesterday’s market seems to have faced some setbacks. Now, let’s dive into the specific numbers for the sectors’ performance.

Consumer Staples Sector:

Examining the Consumer Staples sector, it’s currently on an uptrend. Upon reviewing the 1-hour chart, the price is hovering near a resistance level. We anticipate either a pullback at this resistance or a potential breakthrough, leading to further upward movement.

Energy Sector:

Observing the Energy sector, it’s currently experiencing a downtrend. Glancing at the 1-hour chart, after the price hit the support, it gradually began to rise and is now trading near a resistance level. If the price breaks above this resistance level, we anticipate it will continue to climb, with a high probability of that occurring. Keep a close watch on these resistance levels. Conversely, the price might retreat from this level as well.

Materials Sector:

Examining the Materials sector, it’s currently on an uptrend. If you glance at the 1-hour chart, you’ll notice that after the price hit the support level, it’s attempting to rise again. Additionally, you’ll spot a resistance level there. Today, we can anticipate two scenarios: either the price breaks below the support line and continues to decline to the next support, or the price pulls back from this support level towards the resistance level.

Industrial Sector:

Observing the Industrials sector, it’s currently in a sideways trend. Glancing at the 1-hour chart, you’ll notice the price trading around a support level. We anticipate the price to keep rising toward the resistance level. Keep an eye out for any breakouts.

Consumer Discretionary Sector:

XLY is also consolidating. If you look at the 1-hour chart, you’ll notice that the price has broken the resistance level and is heading upward. We can expect the price to continue rising towards the resistance level around 180.

Healthcare Sector:

Examining the Healthcare sector, it’s also in a sideways trend. On the 1-hour chart, the price is approaching its previous high level. We might witness a pullback at that point, or the price could surpass that level and continue rising to reach 148, then pull back. Keep an eye out for any potential breakouts.

Financials Sector:

Examining the financial sector, it’s currently on an uptrend. On the 1-hour chart, you’ll notice the price is trading near a support level, with a resistance level around 41.70. We can anticipate the price to surpass this level and continue rising, although there’s also the possibility of a pullback from this point.

Technology Sector:

Examining the technology sector, it’s currently trading around its all-time high (ATH) and resistance level. We could anticipate a pullback from this point, or alternatively, the price may break this level and continue its upward trajectory. Confirmation of upward momentum would occur if the price breaks above the 218 level.

Communications Sector:

Reviewing the Communications sector, it’s currently at its all-time high level. We can anticipate it to keep climbing. Upon examining the 1-hour chart, you’ll notice a resistance around 85.50. If the price breaks above this level, we can expect it to continue in that direction.

Utility Sector:

Examining the Utilities sector, it’s currently consolidating. The strongest resistance level is around 73, while the support sits near 70. The price is close to this support level. If the price breaks below this support, we can anticipate it to start dropping. Conversely, the price might pull back from this level toward the resistance.

Real Estate Sector:

Observing XLRE, it’s currently in a sideways trend. On the 1-hour chart, the price is trending upwards, with a resistance level around 39. If the price surpasses this level, we can anticipate it to continue rising, although there’s also the possibility of a pullback from this point.

Disclaimer & Conclusion

SUPPY AND DEMAND IS WHAT DRIVES THE PRICES. BY UNDERSTANDING THE SUPPLY AND DEMAND AROUND PRICE LEVELS YOU CAN MAKE INFORMED DECISION ABOUT YOUR TRADING.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

I discussed these sectors and markets because when the entire market or sector goes through certain movements, most of the stocks within that market will also experience similar movements. So, by understanding what the market is doing, you can conduct your own analysis on specific coins or stocks.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK!!!