Insider Tips - Weekly Stock Market Report - Week July 1, 2024
In this week’s market update we highlight the transition to a green market, suggesting it's a good time to consider buying or adding to positions. The major indices like the NASDAQ, S&P 500, and Dow are showing strength, with the NASDAQ nearing all-time highs and the S&P 500 close to significant levels. Despite some flat performance in the New York Stock Exchange, the overall market sentiment is positive, with low volatility and improving transport sector performance indicating potential growth. Key stocks such as Apple, NVIDIA, and Amazon are analyzed for their recent movements and future potential, while sectors like oil and JP Morgan are examined for their current challenges and outlook.
Technical Analysis
The market has entered a green phase, signaling potential upward movement. This shift is supported by positive trends in major indices:
- NASDAQ: Recently gapped up and is close to all-time highs, eyeing the 18,000 level.
- S&P 500: Approaching the 5500 level, suggesting further gains.
- Dow Jones: Strong performance, boosted by the transport sector moving above key moving averages.
- New York Stock Exchange: Currently flat, but contributing to a mixed yet generally optimistic market outlook.
Volatility is down, which is favorable for market stability, while transport sector improvements suggest increased economic activity.
Market Trends
Recent trends indicate a favorable environment for investing, with several key indicators:
- Federal Reserve: Market sentiment is buoyed by speculation that the Fed may lower rates soon.
- Oil Market: Currently in a slump, displaying deflationary and recessionary signals with a death cross pattern.
- Transport Sector: Recovering, with movements above the 200-day and 50-day moving averages, hinting at increased goods movement.
Individual Stocks
- Apple (AAPL): Continues its strong breakout above $200, showing a promising flag pattern.
- NVIDIA (NVDA): Experienced a pullback, with potential support levels around $115-$117.
- Amazon (AMZN): In a breakout phase, consolidating around $191.70.
- SMC: Displaying a wedge pattern, aiming for the $1000 level, with a long-term range between $600 and $1200.
- JP Morgan Chase (JPM): Stable above the 50-day moving average, with potential benefits from future rate cuts.
- Tesla (TSLA): Struggling to maintain levels above $200 due to low volume but remains bullish in the long term, with key levels at $202, $216, and $236.
Key Takeaways
- The market has turned green, signaling a good time for strategic investments.
- Major indices are trending upward, with positive momentum in the NASDAQ, S&P 500, and Dow.
- Low volatility and improved transport sector performance suggest economic stability and growth.
- Specific stocks like Apple, NVIDIA, and Amazon are poised for potential gains, while oil and JP Morgan present mixed signals.
Summary
As we enter a green market phase, major indices show promising upward trends. While some sectors like oil face challenges, key stocks such as Apple and Amazon are performing well. It's a strategic time for investors to consider their positions, with positive signals from the Federal Reserve and improved economic indicators. Enjoy the start of this green market!
Current Market Condition:
Market is GREEN. The rule in our systems is you MUST buy/add something at the beginning of a Green market.
Stock Tip of the Week:
This stock is at a breakout point on the chart. Will it work and can you write covered calls against it?
Check out my video here and decide for yourself!
Another Stock Tip of the Week:
Could Amazon run higher? It was at a point on the chart that indicates this is the way it is heading, will you take this opportunity? Check out my analysis here.
Stock Update:
Will Elon Musk retire in 2024? That is the question that I keep getting and one that could affect our stock trading. Here's why I think that is a crazy idea. Watch the video here.
My Recent LIVE:
In case you missed it, last week I was Live on my channel and was giving you tips on how to spot the breakouts?! Did you see it? In case you missed out, here is the replay.
Breakout Stocks:
Most of you know that my focus has been on Covered Calls, using options for passive income. I am launching a new program where I will teach you how to find breakouts on the charts, essentially how to spot the breakouts before they happen. In this video, I will use the Amazon chart from earlier this week to show you what to look for. Check it out here.
Podcast this Week:
Join Mark and Whitney as they explore the fundamentals of building and protecting generational wealth. The conversation delves into her investment strategies, the principles outlined in her book, and the importance of educating the next generation on wealth management. Whitney emphasizes creating, keeping, growing, and passing on wealth, offering invaluable insights for both seasoned investors and beginners. Check out this episode here.
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Ever considered being mentored by me? Until now, my exclusive Mastermind program was one of the only options, and it’s not for everyone. A few times a year, I also run the Income Accelerator program, which just concluded an incredible 5-week session. Now, I’m excited to launch my newest project, focusing on teaching you the fundamentals of spotting stock breakouts.
If you’re eager to find the “next big stock,” this course is perfect for you. I'm offering an introductory price for this launch, making it accessible even if you don’t have a large budget. Over the past 45 years, I’ve gathered invaluable insights, and I’m ready to share them with a small group of highly motivated individuals.
If this sounds like you, sign up for my FREE e-course to get more details and see if this opportunity is a good fit. Don’t miss out on this chance to be mentored by me and learn the secrets to successful investing. Hope to see you on the inside!
