EB Daily Market Report - Friday, June 26, 2026

Dear Members:

As a reminder, we have two big events coming up beginning with tomorrow's "Is This An AI Bubble" at 10:00am ET. We'll send out instructions as the event nears and it will be recorded in the event that you cannot attend the live session. On Monday, we'll host our quarterly "MarketVision 2026 Q2 Update". This is an annual member perk, so if you're currently a trial member or a monthly member and would like to become an annual member, simply respond to this email and we'll get you set up!

The selling we've seen throughout the week continues today though all major indexes are above their respective session lows.

Blue chips continue to be in favor with the Dow above all key technical levels, unlike the S&P and NASDAQ that both remain below their 20 and 50 day moving averages. This recent rotation has been particularly rough on Mag 7 stocks, with more than half of them below all key moving averages, including the 200 day.

The $VIX was back above 20 earlier in the session, easing off some as traders began to nibble on the pullback. But there's still plenty of skepticism out there with many traders keeping one finger on the sell button "just in case."

It's hard to believe but we are now only a few weeks away from Q2 earnings season. Without question, traders care more about earnings than anything else. So we're going to see if companies collectively live up to increased expectations or disappoint which will play a big part in the direction of the market.

In the meantime we might just consolidate for a while as traders look for any fresh information that could influence the market's direction. The bulls would like to see the S&P close above its 50 day moving average, currently at 7363. To the downside, today's low of 7294 is now support. If that fails then 7237 would be next.

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

At your service,

John Hopkins