China and the US are holding trade talks in London. AAPL kicks off WWDC today. Index futures are slightly higher before the open. SPY is still near the key breakout level mentioned two weeks ago. Watch the $600 area at the open—if it breaks quickly, the index could push toward new highs. The intraday pivot is still around $595, and if it pulls back, watch $590 for support.
Most stocks are slightly up in premarket trading, with quantum-related names leading. Several long-time bulls have downgraded TSLA. QCOM plans to acquire a UK chip company for $2.4B. CFO share sales pushed APP down 4%.
Momentum has been slowing recently. Focus on whether previous leaders can continue to climb. MSFT hit another all-time high on Friday. META, AMZN, and GOOGL are still moving higher. NVDA is near its record high as well. ORCL, which reports earnings this week, looks relatively strong and is testing its downward trendline. The small and mid-cap index broke out of its range on Friday and may play catch-up.
TSLA pulled back again after testing the 200-day moving average at 305 on Friday. This remains a strong resistance level. Support is around 285 at the open. If it breaks, expect a retest of the 270 zone. Will consider exiting the 275Put options expiring next week if that happens.
AMZN and GOOGL both moved higher on Friday. Key resistance levels at the open are 215 for AMZN and 175–177 for GOOGL. If they break through quickly, they may continue higher.
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