Semiconductor stocks continuing to gain ground within Technology Array ( [cookie] => 38bc7a-aa3424-337639-f96d2b-e9393b [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 207711 [user_id] => [reason] => [method] => ) 1 and can accesss
Short-term trends in US Equities remain bullish, and following this week’s breakout now lie within striking distance of all-time highs. While a rally over February peaks should happen this Summer, it’s hard to make a technical call for an immediate breakout given the minor slowing in momentum coupled with weak seasonality trends for June. Meanwhile, the US Dollar has begun to move sharply lower, and Treasury yields look to be joining DXY following this week’s breakdown in yields across the curve. Additionally, precious metals, Emerging markets, and commodities are all areas of near-term focus and can likely work well in the weeks/months ahead, given a falling US Dollar. Overall, a push up to between 6000-6150 is likely for SPX, while QQQ should rally to 540 before some minor stalling out.
Friday’s upward thrust in SPX was encouraging towards expecting that a bit more upside is likely in $SPX into next week. However, my short-term view is that the near-term upside progress should be limited, and I do not expect an immediate breakout to new all-time highs right away. If my thinking is correct, US Equities stall out next week ahead of some minor consolidation into June expiration before the rally to new all-time highs gets underway.
My short-term concerns revolve around the following:


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Thomas J. Lee
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