June 4, 2024

Markets:

Stock futures were lower Tuesday as Wall Street looked to find its footing after an uneven start to the month.

The move in futures came after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday.

Weak manufacturing data weighed on market sentiment, as investors are waiting to see if growth can hold up while the Federal Reserve waits for inflation to decline enough to cut interest rates.

A busy week of economic data continues on Tuesday, with job opening and factory order data for April due out at 10 a.m. ET. The key report of the week will be Friday’s May payrolls report.

Intel shares rose more than 1% in the premarket after the company announced new artificial intelligence chips aimed at competing with those from rivals Nvidia and AMD. Despite the AI boom, Intel is down nearly 40% year to date, while Nvidia and AMD are up 132% and 11% in that time, respectively.

European markets opened lower Tuesday, as positive momentum over the past few days falters.

Portfolio:

We enter the new trading session holding set-ups in MARA, AI, AMDL, PLTR, and TSLL. Watching a few scenarios play out in the market and such a busy week of data that can influence price short term. Few areas of interest we want to share. Bulls gapped up over the bear gap yesterday but failed to maintain the momentum. Bulls need to fill this gap in the next couple of sessions otherwise it will act as a strong resistance. 530 level will act as resistance and bears need to defend, if they do not – New highs are coming! Bulls defended 535 with force, this was very telling. These levels and trend lines have been gold over the last 18 months. We will not fight a trend. Just focus on these areas and watch for opportunity. Be ready today.