Apple broke higher this week on the back of the new AII news for the company (and its products announced ar the World Wide Developers Confeence.

Fundamentally, the hope is the new AI initiatives will stir a new round of product upgrades for its user base. That is something new vs what has been ho-hum improvements in the camera or other services.

Technically, the price broke out of an up-and-down trading range that has confined the stock between $165 and $200 since April 2023. Non-trending transitions to trending and if so, the trend has restarted with the breakout this week. That is very IMPORTANT..

What next?

Trends tend to be „fast, directional, and tend to go farther than what traders think“ (or expect). If so, the move this week is only the beginning.

If the goal is to stay on the trend, it is important to know when price action is not trending anymore. Technical tools will help to tell that story.

In this video, I discuss the breakout and more importantly outline where the trend is in jeopardy. As long as the describe technical levels are not breached, the buyers and trend remain intact. We all want to ride the trend.

Morevoer, if you want to be aggressive on a correction to „get in“ on the trend or add to your position, I will outline the low-risk levels on a correction, that would be a good level/area to buy the stock „on sale“.

In

This article was written by Greg Michalowski at www.forexlive.com.

• June US UMich June prelim consumer sentiment 65.6 vs 72.0 expected
• Macron’s gamble is looking like a disaster as new poll released
• France’s Macron: Economic programs by two extremists blocks are not realistic
• Chicago Fed Pres. Goolsbee CPI data this week was very good
• Baker Hughes US oil rig count -4
• ECB’s Lagarde: Unless we have a major shock, target is inflation to hit 2% in H2 2025
• Fed’s Mester: We are starting to see inflation move down again after stalling
• US import prices -0.4% vs +0.1% expected
• Canada April wholesale sales +2.4% vs +2.8% expected

Markets:

• Gold up $30 to $2331
• WTI crude down 13-cents to $78.47
• US 10-year yields down 2.3 bps to 4.21%
• CHF leads, GBP lags
• S&P 500 flat

The US dollar continued its climb early in the North American session with the euro and pound under particular pressure but those moves later reversed to finish final hours of the week flat. The Australian and Canadian dollar followed a similar path, recovering a portion of the losses that peaked at 10 am ET.

Some of the dollar selling came after a softer UMich sentiment survey, highlighting the vulnerabilities in the US economy, especially with the Fed in no rush to cut.

Have a great weekend.

This article was written by Adam Button at www.forexlive.com.

The NASDAQ index closed at a new record on Monday at 17192.53. It did the same on Tuesday, Wednesday, Thursday and again today to extend the streak of consecutive high close levels to five trading days.

The S&P was on a similar move this week, but close marginally lower today snapping it 4-day record close string.

Overall, however, both the S&P and NASDAQ indices are closing higher for the week. The Dow industrial average did not fare as well as it fell today and is closing lower for the week.

The final numbers are showing:

• Dow Industrial Average average -57.94 points or -0.15% at 38589.15
• S&P index -2.14 points or -0.04% at 5431.61
• NASDAQ index rose 21.32 points or 0.12% at 17688.88

for the trading week:

• Dow industrial average fell -0.54%
• S&P index rose 1.58%
• NASDAQ index rose 3.24% which was its largest weekly gain since April 22.

The small-cap Russell 2000 did not fare as well today or this week. On the day, the index fell -32.75 points or -1.61% at 2006.15. For the trading week, the index fell -1.00%:.

Some big winners this week included:

• Broadcom, +23.35%. The company announced earnings and also a 10:1 stock split
• Adobe +12.87%. They announced their earnings which beat expectations and raised guidance as well
• CrowdStrike: +10.45%. They too announced better-than-expected earnings
• Shopify, +9.87%
• Super Micro Computer, +9.81%
• Nvidia, +9.09%
• Micron, +7.96%
• Apple, +7.925 on the back of Worldwide Developers Conference. Technically, the stock broke outside its $165 to $200 trading range that has confined the pair since April 2023
• Lam Research, +7.61%
• Home Depot +6.04%
• Palo Alto networks, +5.10%

Some big losers included:

• Celcius -17.87%
• Trump Media, -17.2%
• Raytheon, -17.17%
• Paramount, -15.32%.
• Beyond Meat, -12.52%

This article was written by Greg Michalowski at www.forexlive.com.

It’s no surprise that euro longs are bailing with all the turmoil in France. We saw how much in the latest CFTC data, which covers futures up to Tuesday’s close.

Net spec longs fell to 44K contracts from 67K. I wouldn’t be surprised if more cashed out later this week due to the pain hitting French bonds.

The other notable moves in the IMM report were large jumps in AUD spec shorts and particularly in CAD spec shots which jumped to 129K from 92K.

This article was written by Adam Button at www.forexlive.com.

RBC says the decision for the Bank of Canada to cut rates as the country has underperformed global peers on a per-capital basis for more than a year. Theyalso say that’s why it’s easier to envision the BOC on a sharper path of easing than other G10 central banks.

They envision the Bank of England cutting in August but expect a slow pace after that, with only 100 bps by the end of 2025 and a similar pace from the ECB. They don’t see the Fed easing until December.

For the Bank of Canada, they envision a second 25 basis point cut in July, something I talked about yesterday on BNNBloomberg.

Market pricing currently reflects 55 basis points in further easing in Canada this year.

This article was written by Adam Button at www.forexlive.com.