{"id":68780,"date":"2023-06-17T08:25:29","date_gmt":"2023-06-17T12:25:29","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=68780"},"modified":"2023-06-17T08:38:15","modified_gmt":"2023-06-17T12:38:15","slug":"market-preview-2023-06-19","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/06\/17\/market-preview-2023-06-19\/","title":{"rendered":"The Mighty Mighty Tech Bulls: What\u2019s on Tap June 19-23, 2023"},"content":{"rendered":"

Welcome to your weekly trading preview! Before you start,  take a special sneak peak at this week's special offer<\/a> from Scott Redler. SHHH! Don't tell anyone!<\/p>\n

Use the Table of Contents to jump around:<\/p>\n

This Week's Trading Calendar<\/strong><\/h2>\n

If you want to view or download this week's calendar, check click the image below:<\/p>\n

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Click to enlarge<\/em><\/p>\n

Quick reminder: US markets are closed Monday, June 19 for the Juneteenth holiday.<\/p>\n

Week in Review: Tech Booms Again<\/strong><\/h2>\n

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FOMC Chair Jerome Powell's “hawkish pause” did not deter the bulls, while the light CPI gave traders hope that inflation really is under control.<\/p>\n

Plus, the University of Michigan sentiment survey showed<\/a> that US consumers' near-term inflation expectations are at a two-year low. <\/p>\n

So while Powell is technically hawkish, it feels like the market is pricing in a rate-easing scenario far in the future. After all, tech and housing are booming.<\/p>\n

As such, from a price action perspective, the big story this week was the resurgence in tech with the QQQ's<\/strong> up 3.8% and IWM<\/strong> falling behind after its recent surge. <\/p>\n

Having the 4 horsemen all in green territory despite feeling overbought is mighty impressive. <\/p>\n

From a sector perspective, we saw major strength in natural gas, airlines\/travel, transports, and semiconductors.<\/p>\n

Some of this week's leaders include:<\/p>\n

Carnival Cruise<\/strong> (CCL): +21%Intel<\/strong> (INTC): +16%Estee Lauder <\/strong>(EL): +16%Oracle<\/strong> (ORCL): +14%Catelent<\/strong> (CTLT): +14%<\/p>\n

Plus, tech superstars Apple<\/strong> (AAPL) and Nvidia<\/strong> (NVDA) hit all-time highs.<\/p>\n

The June Surge<\/h2>\n

Now let's take a quick look at ETF performance in June. As you can see, just about everything is up:<\/p>\n

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IWM<\/strong> and RSP<\/strong> (equal weight SPX ETF) are outperforming SPY<\/strong>, so the rally is broadening out a bit.<\/p>\n

Bulls Have No Fear<\/h2>\n

The VIX is still at multi-year lows, showing that traders are pricing in almost no volatility:<\/p>\n

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By the way, if you want to learn more about the VIX, go here<\/a>.<\/p>\n

Meanwhile, the American Association of Individual Investors' Sentiment Survey<\/a> showed a bullish sentiment for the second week in a row:<\/p>\n

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45.2% of investors are bullish, in-line with last week's 45.2% reading.<\/p>\n

This is the highest reading since November 11, 2021. The S&P 500 topped out less than 2 months after that.<\/p>\n

Plus, CNN's Fear and Greed Index still read Extreme Greed:<\/p>\n

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Traders are still very bullish.<\/p>\n

A Light Calendar<\/h2>\n

We're coming off a busy week with the FOMC Rate Decision and CPI, but we have a few key reports on tap:<\/p>\n