Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

Indexes Level Off

by June 9, 2023
June 9, 2023
Indexes Level Off

After a huge rally off the March lows, the first full week of June saw the markets move sideways for the most part. At noon on Friday most US indexes were up marginally on the week. The charts below are all 60 minute charts.

Nasdaq 100 (QQQ)

The black line represents last Friday’s close. The Nasdaq 100 had surged up to this level to start the prior week, so the advance by the top 100 is pausing at this point. Consolidation is warranted after a heady advance.

The S&P 500

The SPY is trying to point north. At noon it was up 1/2% on the week. It is up a little more than the Nasdaq and breadth within the 500 stocks is still positive.

Dow Jone Industrial Average

The DIA was up 0.20% on the week at noon. A steady climb from Tuesday’s low helped the index get back on positive ground for the week. The chart has accelerated nicely from 2 weeks ago.

Russell 2000 (IWM)

The IWM has been the story for two weeks and it definitely played catch up. It was up 9.4% from the low two weeks ago to this weeks high and up 1.96% from last Friday’s close as of noon Friday.

The $TSX (XIU.TO) (Canada)

The Canadian market is down 0.67% at noon on Friday and the chart is not enjoying the buoyancy shown in the USA. The sideways performance over the last three weeks demonstrates the difference between the markets. One significant difference for the USA is the number of technology stocks. While the Russell 2000 has lots of banks, industrials, materials and energy names that perked up this week, it seems the Canadian market missed the same thrust outside of technology on the Canadian exchange.

The big boosters in the USA have been semiconductors and software over the last two months.

Semiconductors

SMH is a semiconductor ETF. Flat over the last two weeks, this chart tried to break out to the upside this morning and is definitely one to watch. Many of the semiconductor names are either forming bull flags or distribution.

Software

IGV is a software ETF. There are many to choose from, but I’ll use IGV. It is flat from last week and flat from the Tuesday morning surge on May 30th.

While there are still stocks going higher, it is starting to look like the sideways consolidation is taking place. Watch closely to see which way this resolves.

If you would like to see more of what we do at Osprey Strategic, we offer a $7 trial for the first month where you can look through our videos and newsletters from the past few weeks as well.

0
FacebookTwitterGoogle +Pinterest
previous post
Why Businesses Should Embrace HR Outsourcing: Unlocking Competitive Advantages
next post
Friday Changed the Market’s Character

You may also like

Market Wisdom from the Godfather of Technical Analysis

January 31, 2024

Macro Model Gives Mixed Signals as NFLX LIGHTS...

January 25, 2024

Broken Pattern vs. Shakeout

May 4, 2023

At the Edge of Chaos: Short Sellers Get...

September 11, 2022

Trading Against the Crowd with the Williams Sentiment...

September 1, 2023

Key Breadth Indicator Flashes Buy Signal for Nasdaq...

May 3, 2024

Nvidia Takes Over The Leadership

May 19, 2023

SPY Rally While Technology and Discretionary Remain On...

October 24, 2022

Top Five Charts of 2023 #4: Leadership Themes

December 22, 2023

AAPL and TSLA Stocks Are COLLAPSING!

March 7, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025
    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025
    • Trump administration defends US and Israeli sovereignty with new sanctions against four ICC judges

      June 5, 2025
    • Musk unleashes wild Epstein claim against Trump after being booted from DOGE

      June 5, 2025
    • Three Charts Showing Proper Moving Average Alignment

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,543)
    • Stocks (3,129)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved