EB Daily Market Report - Thursday, June 5, 2025

Dear Members.

A brief report today as Tom will be traveling through the weekend.

Actually things are fairly calm today with the Dow seeing slight gains and the NASDAQ and S&P slightly red.

Being fairly flat after the strong rally we've seen since early April should be seen as bullish; no wholesale selling here. 

Both the NASDAQ and S&P remain above all key technical levels and the Dow is trying to climb back above its 200 day which would also be bullish.

Obviously all eyes are on 6000 on the S&P. The high today? 5999.70. But you can see the first crack at that level resulted in some programmed selling.

Nonetheless, I would be surprised if the bulls didn't try to crack that level again sometime soon. Tomorrow's jobs report could either provide a catalyst or put a halt to the advance, depending on market response. Should the rally stall we could see a pullback close to the 20 day moving average, currently near 5860. And if the bulls manage to move back above that 6000 level you're going to see increased headlines that the next big level of resistance will be the all time high of 6147.

Let's see how the market reacts to tomorrow's jobs numbers and then can go from there.

At your service,

John Hopkins