EB Daily Market Report - Thursday, June 18, 2026

Dear Members.

A brief update today as we get ready to head into a holiday shortened weekend.

The newly appointed Fed chairman held his first meeting yesterday and the initial market response was less than positive. But that has all been forgotten today with all of the major indexes substantially higher.

As usual, semiconductor stocks are front and center, with the SMH reaching a new all time high. All of the major indexes are back above all key technical levels though off their respective highs.

The $VIX, which had spiked yesterday on the post Fed meeting selloff, has settled back down. This may be a sign that traders are relieved that the new chairman's first interest rate decision is out of the way without much fanfare. Government bond rates are holding steady while oil prices are declining—all bullish in the collective eyes of traders.

The bulls still have some work to do if they hope to get back to all time highs. In the case of the S&P that level is 7620. To the downside, the 20 day moving average is currently at 7445. So that is the current range to keep an eye on.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins