Video summary
The market update begins with concerns over the Dow Jones Industrial Average, which recently dipped below a key support level of approximately 53,400 after failing to complete an anticipated H-pattern formation. While the S&P 500 managed to hold within its rectangular trading range better than expected, it remains under pressure and could face significant trouble if it breaks through the critical support at 7,728 on a closing basis; however, analysts remain optimistic that a strong bounce tomorrow would be positive for sentiment. Meanwhile, the Nasdaq-100 via QQQ was repelled by resistance zones but is viewed as showing promise only if it can reach into the high 730s by Friday while successfully maintaining its defense of the 700 level.
In the broader economic landscape, attention has shifted to upcoming CPI news regarding wages and specific sector performances that have seen notable volatility. The semiconductor industry serves as a prime example of recent market unpredictability, highlighted by Micron hitting an all-time high before crashing significantly from there; currently trading around 866 after dropping below its previous peak near 1255, it underscores the need for caution in round-number targets that were previously discussed weeks ago. Other commodities like gold are experiencing a pullback from intraday highs toward the mid-4000s range, while high-grade copper continues to hold steady with minimal gains, reflecting mixed signals across different asset classes as investors await tomorrow's critical reports.
Digital assets and fixed income markets present their own distinct challenges during this period of uncertainty. Bitcoin is currently stuck in a sideways movement around 63,670, showing little momentum or direction despite previous fluctuations, which suggests that immediate breakout potential remains limited until new catalysts emerge. In the bond market, yields are staying within higher ranges even as prices pull back slightly, indicating that current yield levels may not be the primary concern for investors; instead, the focus is on determining what happens next in terms of trend direction and whether these assets can stabilize before further moves occur later in the trading session or into tomorrow's open.
Read the full video transcript
first.
>> This is T F N N the Tiger Financial News
Network.
>> [clears throat]
[music]
>> T F N N headline [music] news update.
>> Good afternoon everyone. Basil Chapman
is the 4:00
Financial News Network market update.
We're looking uh Well, right there at
the end, the Dow just went underneath
the left side low that we were looking
at for that H pattern.
Uh it's a pity about that. It's down 184
uh 53,791.
And what we're looking at here is that
support of the 53,400s
now is a is a next level to monitor.
We'll see what happens with the CPI news
tomorrow with the wages. Oh, it's a lot
of things happening. So, the S&P held a
little bit better in its little
rectangle formation. But right there,
it's down 24 at 7728.
If it takes out the 7700
uh support, that's going to be a problem
on a closing basis. But if it can bounce
nicely tomorrow, that's going to be
good. QQQ 123, there we go. It's the NDX
100 trading vehicle. It got repelled at
the inside track repellence zone. Just
going to break it. If it can get to the
730s by Friday this week, that's going
to be a good sign. But it needs to hold
the 700 level. Let's go to the IWM, the
Russell 2000. Russell 2000 right now uh
is up 99 cents at 300.97, holding well.
The estimates, you remember I had this
whole thing for weeks. I've been talking
about round numbers. Uh
how many stocks in the semiconductor.
Look at this. NVU Micron makes a round
number all-time high 1255.00
on the 25th of June. It signals to say,
"Be careful." Wow, it went down to 789.
It's trading right now at 866. You're
going to watch that gold
pull back from the intraday highs up
eight
4428. Legacy is just still going through
a leg down to the 4500s. We'll see what
happens tomorrow with that report. The
weekly chart needs work and during it
does need work. High grade copper is
holding well. High grade copper is just
up a penny. Holding well. We're looking
at at 6.62. We're looking at the
Bitcoin. Bitcoin, here we go. BTC is
being struck means it's just going
nowhere. It's in a sideways movement. It
just continues sideways at 63,670.
Nothing to see here. I do want to look
at the just as we are about to go
through the final
we're looking at
the bonds. The bonds US, there we go.
[music] Bonds right now
pulling back a little bit and the yields
are still in the higher range, but that
really is not the issue. The issue is
what happens next. Have a wonderful rest
of the day. Take care. Dany News.
We will see you tomorrow. Tommy starts
your fit 9:00. I'll be in at 10:00.