How Things Stand in the Market as of Sunday, June 16th, 2024

Good Morning Traders & Investors!

With the Nasdaq and S&P 500 siting just off their all-time highs, and a select number of leaders showing great resilience and looking ready to move still higher, it is strange indeed to see the Dow and Russell 2000 languishing below their 50-day moving averages. While this disparity has been known to exist for quite a while, eventually, something’s got to give. We’ve already noted, that at these levels, leading stocks are arguably overbought.

Meanwhile, next week is devoid of market-moving tech stocks, and even the economic calendar is relatively clear with Tuesday’s retail sales perhaps being the biggest potential market mover. So it would appear that the market will be forced to look elsewhere for positive or negative catalysts and since the market has been rivetted on the future of interest rates, we might take note that there are a number of Fed policy makers speaking this upcoming week, from Fed President Patrick Harker at 10 am Monday, and four Fed presidents speaking on Tuesday beginning at 10 am.