06.07 US stock market review and outlook for next week.
$SPDR S&P 500(SPY.US) $NVIDIA(NVDA.US) $Rocket Lab(RKLB.US)
June 7, 2026
Key News: SpaceX (xAI) has reached a massive computing power agreement with Google. According to the agreement, Google will pay SpaceX nearly $920 million per month for the next three years, with a total contract value exceeding $30 billion.
1. The bull market is far from over, don't be pessimistic, but SPX7460 has been broken, and a volatile market is inevitable. The support levels below are in the range of 7280 and 7150 (strongest support).
A big bearish candle on Friday completely wiped out all the gains SPX had made since May 6th. I said on Wednesday, if it didn't hold above 7559 by the close, reduce position by 1/4, and reduce another 1/4 during Friday's session. Currently, we only hold 50% of the position to deal with the future volatile market.
2. SPX: From a technical perspective, breaking below 7460 may lead to a period of volatility. The support levels below are 7280 and 7150 (strongest support).
3. VIX Fear Index: There is a gap above at 22~24, not sure if it will be filled upward (meaning it might need to rise +10% from the current price). If VIX doesn't break below 18 on Monday and Tuesday, don't talk about adding positions lightly.
4. This round of correction may last at worst until late June (take it one step at a time). There will be a rebound in July. Even if you want to bottom-fish, build your position in batches, don't go all in at once.
5. Important Events: Apple WWDC 06.08, US CPI Data 06.10, Oracle Earnings 06.10, SpaceX IPO 06.11, FIFA World Cup (US, Canada, Mexico).
6. Hot Stocks: The "Magnificent 7" should see a mixed performance, with a low possibility of a sharp drop.
7. NVDA: Strong support at 212 has been broken. Support levels below: 200, 190, 182 (strongest).
8. TSLA: Excellent technical pattern, but the overall market direction is unclear, so be cautious. It may fluctuate around 391.1, with a worse possibility of reaching support levels below at 380 (strongest support), 348.
9. AMZN: Support levels below: 244, 238, 227 (strongest).
10. META: Negative news, signs of price manipulation last week. If it breaks below the range of 587, look for 552, 531.
11. AAPL: (Possible stage top) Support levels below: 300, 286.
12. GOOG: Support levels below: 354, 335, 316 (strongest).
13. MSFT: Strong support at 423 has been broken. There is also support at 416. It may fluctuate within the 407~416 range in the short term. If it breaks below 407, further support levels are: 402, 394.8.
(AMD, INTC\ AVGO and more hot stocks to be continued.
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