EB Daily Market Report - Friday, June 28, 2024

Dear Members.

We're closing out the month of June today, another quarter in the history books, with the bulls quite pleased with overall results.

Today we saw both the S&P and NASDAQ hit fresh all time highs in spite of economic news that shows the Fed might still have work to do with rates remaining higher for longer.

Confidence amongst traders remains high with the VIX moving into the 11's earlier in the session before moving back above 12, very bullish by historical measures. 

Even though the Dow continues to lag the other major indexes it remains above all key technical levels so no real problem there.

With today's highs in both the S&P and NASDAQ the bulls have new targets to clear with key technical support on the S&P now at 5415. 

We'll begin a new quarter on Monday with earnings now just a few weeks away. Clearly the bulls are in charge here and barring any major selling into the close will come into next week looking to add to 2024 gains.

Tom will be back Monday with his Weekly Market Update.

At your service,

John Hopkins