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Daily comment on U.S. Stocks on June 15, 2020

2020-06-15 17:07:41

The fundamentals:

Wall Street took a break from its recent strong rally, with the S&P 500 and Dow closing lower for the first time since June. The Nasdaq index hit a record closing high for the second day in a row, briefly breaking through the 10,000 mark for the first time.

The nasdaq rose thanks to strong gains in technology shares, a day after it became the first of the three major indices to confirm a new bull market. Apple, up 3.2 percent, gave the nasdaq the biggest boost on Tuesday.

At the close, the Dow Jones Industrial Average was down 300.14 points, or 1.09 percent; The S&P 500 fell 25.21 points, or 0.78 percent. The Nasdaq gained 29.01 points, or 0.29 percent.

Technical:

At the 60-minute level of the S&P 500, the top edge of the uptrend line drawn on the chart has been effectively breached. Then the upper edge of this uptrend line has become the current key support, that is, whether the trend will continue to move up or down, depending on whether this support will be effectively broken.

[Financial Data and Events in focus today] Monday, June 15, 2020
New York Fed manufacturing index for June
Fed Chairman Kaplan delivered a speech at 22:00

(The above view is for reference only, the investment has the risk to enter the market to need to be cautious)

- Stephen



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