Leaderboard

Monday - June 29th, 2020 Markets closed weak last Friday, June 26th with major index products closing near the lows after a roughly 2% decline throughout the day. Notably Technology and major names like Facebook and Amazon were sold off heavily and led the entire markets. Sunday Night /ES Futures opened lower at 2986.25 with low at 2983.5 before coming back above 3000s. Getting above 3025 area would be of interest as that brings us into the major breakdown area from last week. /NQ Futures opened lower 9785.5 with low at 9780.25 before coming slightly higher. Overall below areas of consolidation from last Friday and still showing weakness. /RTY Futures opened lower 1362.2 with low of 1359.6 before coming much higher to test 1400. Showing relative strength given already recovered the breakdown area from last week. Monday Premarket at 9:00 ET $SPY - Trending higher from Friday low, holding at roughly 0.5% higher near Thursday's low. $QQQ - Range bound between Friday's low and Thursday's low, roughly flat 0.0% $IWM - Trending higher off Friday's low attempting to test Friday high, up as much as 1.5%. Bonds are slightly lower from last week, I expect a small pullback as bonds have had a nice run from the recent lows. $TLT recovered from recent lows at 153.00 area up to 166.5 in after market last Friday, a roughly 8.5% gain in roughly two weeks. Oil Futures pulling away from 41 Gap Fill Highs, up slightly today. Natural Gas Futures very strong up 6.25% from recent selloff last week, I expect a strong bounce from these extended yearly lows. Gold Futures flat from last week, extended at 1800 resistance on /GC. I expect $GLD to have a pullback this week before attempting a breakout. Silver Futures down slightly after a major run over the past months, consolidating in 18 - 19 range. I expect silver to underperform gold in the coming months, but still remain bullish. Volatility Futures down 2.4%, with 23/51 day contracts roughly same price (slight contango). Sectors Premarket at 9:15 ET Strong Sectors: Industrials with $BA up 6%. Financials with most large bank names up close to 1%. Weak Sectors: Communications down with $FB down 4%. Things to Watch: Since major Tech was down heavily last week, watching $XLK and MAGAF names closely. If selloff continues, other potentially 'risk-off' sectors may get bought at these lows like $XLU (been weak for a while).