Navigate the Stock Market: June 2026

Tuesday, June 30, 2026

Chicago PMI … Consumer Confidence … JOLTS … Momentum Trading DOW Stocks & ETFs … Stock Market Analysis

TODAY’S COMMENT

Today’s chart looked good – almost straight up from left to right and closing near the high for the day. Indicators improved too.

The daily, bull-bear spread of 50-indicators improved from -5 to +1 (1 more Bull indicator than Bear indicators), a NEUTRAL indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the spread (purple on the chart above) that smooths daily fluctuations continued lower, a Bearish sign that is also important.

So far, not much movement in the 10-day moving average of indicators, but there was a decent move in the daily numbers. They are still neutral, but we can be encouraged that they moved higher.

Tuesday there was High-unchanged-volume. Some think that unchanged volume is a sign of a market reversal, in this case lower. This is not one of my indicators since it is often wrong.

The S&P 500 closed 1.6% above its 50-dMA.That’s a good sign.

BOTTOM LINE
It’s hard not to be bullish after the nice two-day bounce we’ve seen off the 50-dMA. Three is a charm, so they say. I’ll feel better if the rally continues.
ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:

The top ranked ETF receives 100%. The rest are then ranked based on their momentum relative to the leading ETF.
*For additional background on the ETF ranking system see NTSM Page at…
http://navigatethestockmarket.blogspot.com/p/exchange-traded-funds-etf-ranking.html

DOW STOCKS - TODAY’S MOMENTUM RANKING OF THE DOW 30 STOCKS (Ranked Daily)
Google has replaced Verizon in the Dow 30. It will take a while for me to update the momentum chart.

The top ranked Stock receives 100%. The rest are then ranked based on their momentum relative to the leading Stock.
For more details, see NTSM Page at…
https://navigatethestockmarket.blogspot.com/p/a-system-for-trading-dow-30-stocks-my_8.html

TUESDAY MARKET INTERNALS (NYSE DATA)

My basket of Market Internals remained HOLD. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.)

My invested position is about 60% stocks, including stock mutual funds and ETFs. 50% invested in stocks is a normal, conservative position for a retiree. (80% is my max stock allocation when I am confident that markets will continue higher; 30% in stocks is my Bear market position.)

I trade about 15-20% of the total portfolio using the momentum-based analysis I provide here although I don’t trade as much as I used to. When I see bullish signs, I add a lot more stocks to the portfolio, usually by using an S&P 500 ETF as I did back in October 2022 and 2023.

Monday, June 29, 2026

Dallas FED Manufacturing … Momentum Trading DOW Stocks & ETFs … Stock Market Analysis

“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.

“Far more money has been lost by investors in preparing for corrections, or anticipating corrections, than has been lost in the corrections themselves.” - Peter Lynch, former manager of Fidelity’s Magellan® fund.

“Never, never, never, believe any war will be smooth and easy, or that anyone who embarks on that strange voyage can measure the tides and hurricanes he will encounter. The Statesman who yields to war fever . . . is no longer the master of policy but the slave of unforeseeable and uncontrollable events.” - Winston Churchill.

“There’s a lot of exuberance out there,” Dimon continued. “But it was in 1972, 1986, 2000, 2007. That doesn’t give me comfort.” – Jamie Dimon

WARREN BUFFET – HOW TO BALANCE THE BUDGET
"You just pass a law that says that any time there’s a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election…Now you’ve got the incentives in the right place." – Warren Buffet on CNBC

IRANIAN MISSILES/DRONES HIT THEIR TARGETS (WSJ)
“When the Iranian missiles and drones came for the nerve center of America’s naval operations in the Middle East, some of them hit their mark. The U.S. Navy base in Bahrain was repeatedly targeted between late February and June. Strikes that got through caused extensive damage, according to a Wall Street Journal analysis of satellite imagery, social-media footage and interviews with current and former servicemembers—damage that the Pentagon hasn’t publicly acknowledged. Hit hard were the command headquarters and at least a dozen other buildings, along with two satellite communications terminals.” Story at…
https://www.wsj.com/world/middle-east/iran-us-naval-base-bahrain-e87bbca3
My cmt: It is not surprising that the US has not acknowledged the damage – don’t give your enemy free intelligence. But there are bigger concerns here. I commented earlier that “…the Trump Administration seemed to believe that air-strikes alone would topple the Islamic govenrment. That is a naïve and incompetant view.” Now it would appear that the US is not prepared for modern, drone war-fighting. We’ll catch up, but this just reminds us again that Hegseth (Secretary of War/Defense) is hopelessy out of touch. He pushed Trump into this war. It suprises me that he still has a job.

DALLAS FED (WFAA/ABC News)
“Texas factory production slowed down again in June, according to a report released Monday by the Federal Reserve Bank of Dallas. The Dallas Fed’s latest Texas Manufacturing Outlook Survey shows that while local industrial activity is still growing, it is expanding at a below-average pace… Despite the slower growth and rising costs, broader perceptions of the economy remained fairly stable.” Story at…
https://www.wfaa.com/article/money/business/texas-factory-output-growth-slows-dallas-fed-report-reveals-new-economic-hurdles/287-155d4a61-5c20-43b9-b0cf-ba75453afc2e

QUICK MARKET SUMMARY
-Monday the S&P 500 rose about 1.2% to 7440.
-VIX declined about 4% to 17.65.
-The yield on the 10-year Treasury rose slightly to 4.378% (compared to about this time prior market day).

MY TRADING POSITIONS
QLD – Added 5/28/2026
NVDA – Added 12/1/2025 & 2/6/2026
“According to the 54 analysts' twelve-month price targets for NVIDIA, the average price target is $278.73. The highest price target for NVDA is $360.00, while the lowest price target for NVDA is $205.00.”- MarketBeat at…
https://www.marketbeat.com/stocks/NASDAQ/NVDA/forecast/
XLK – Added 6/5/2026

CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the 50-Indicators I track, 14 gave Bear-signs and 9 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)

TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators declined from -2 to -5 (5 more Bear indicators than Bull indicators), a NEUTRAL indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the spread (purple on the chart above) that smooths daily fluctuations reversed down, a Bearish sign that is also important.

Worrisome bear signs: The Lowry Selling-Pressure minus Buying-Pressure indicator; New-High/New-low data; the Fosback Hi/Low Logic Indicator (another breadth indicator based on new-highs and lows); XLU – S&P 500 spread; 5-10-20 Timer, a moving average crossover system. It appears that these indicators could improve in a hurry if some of the data improves. So far, not much movement in the 10-day moving average of indicators. We’re still waiting to see if indicators will confirm today’s price action.

The S&P 500 closed 0.9% above its 50-dMA.That’s a good sign.

BOTTOM LINE
I am neutral until we see bullish confirmation from the indicators.

ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:

My basket of Market Internals slipped to HOLD. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.)

Friday, June 26, 2026

… Momentum Trading DOW Stocks & ETFs … Stock Market Analysis

“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.

“Far more money has been lost by investors in preparing for corrections, or anticipating corrections, than has been lost in the corrections themselves.” - Peter Lynch, former manager of Fidelity’s Magellan® fund.

“Never, never, never, believe any war will be smooth and easy, or that anyone who embarks on that strange voyage can measure the tides and hurricanes he will encounter. The Statesman who yields to war fever . . . is no longer the master of policy but the slave of unforeseeable and uncontrollable events.” - Winston Churchill.

“There’s a lot of exuberance out there,” Dimon continued. “But it was in 1972, 1986, 2000, 2007. That doesn’t give me comfort.” – Jamie Dimon

KEEP CAMERAS OUT OF THE SUPREME COURT (WSJ)
“The Senate Judiciary Committee unanimously advanced legislation last week that would require TV cameras in Supreme Court proceedings. When the legislation comes to a full vote, Senators should preserve judicial independence and safeguard public trust by keeping cameras out. Senators know all too well the jackassery that TikTokification encourages in the legislative branch. They shouldn’t turn the Supreme Court into a sister circus.” - Ben Sasse, Columnist, Free Expression, The Wall Street Journal. Commentary at…
https://www.wsj.com/news/author/ben-sasse

DEMOCRATS SAY NO TO THE MILITARY (WSJ)
“The Trump Administration is asking Congress to refill U.S. military missile stocks after the war in Iran. Yet Democrats are saying no way, and they sound like JD Vance opposing aid for Ukraine when Joe Biden was President. Their argument is no better than Sen. Vance’s.” … “Democrats will not support tens of billions of dollars for Trump’s aimless war,” said Rep. Rosa DeLauro, the top Democratic appropriator. Senate Democratic leader Chuck Schumer, eyes fixed on Tuesday’s progressive victories in New York primaries, added that “we should be lowering costs for the American people, not writing another blank check for Trump.” …Democrats can’t bring themselves to criticize Mr. Trump from the hawkish right, though it might help them win back voters who think the party is weak on national security. Apparently they’d rather settle for making the futile gesture of a nonbinding war powers resolution and winking at the Democratic Socialists of America.” – Editorial Board, WSJ. Commentary at…
https://www.wsj.com/opinion/democrats-defense-funding-congress-pentagon-trump-administration-d86fc605?mod=opinion_lead_pos3

QUICK MARKET SUMMARY
-Friday the S&P 500 declined about 0.05% at 7354.
-VIX declined about 3% to 18.41.
-The yield on the 10-year Treasury declined slightly to 4.376% (compared to about this time prior market day).

MY TRADING POSITIONS
QLD – Added 5/28/2026
NVDA – Added 12/1/2025 & 2/6/2026
“According to the 54 analysts' twelve-month price targets for NVIDIA, the average price target is $278.73. The highest price target for NVDA is $360.00, while the lowest price target for NVDA is $205.00.”- MarketBeat at…
https://www.marketbeat.com/stocks/NASDAQ/NVDA/forecast/
XLK – Added 6/5/2026

CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the 50-Indicators I track, 12 gave Bear-signs and 10 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)

TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators remained -2 (2 more Bear indicators than Bull indicators), a NEUTRAL indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the spread (purple on the chart above) that smooths daily fluctuations continued higher, a BULLISH sign that is also important.

Basic internals were good today. Advancing issues were nearly twice declining issues; up-volume was more than twice down-volume; and new-52-week highs were well ahead of new, 52-week lows. That would normally produce positive results for the Indices, but that wasn’t the case today. The Dow, Nasdaq and S&P 500 were all down.

Volume was very high today (Friday). The FTSE Russell re-balanced their various Indices. Thus, all of the ETFs following the Russell Indices must adjust their portfolios. Artificial high-volume days like today cause a lot of churn, but often don’t tell us much about what’s really going on. Since there was little change in indicators, that’s where I am today, still waiting for a definite break one way or the other.

The S&P 500 closed 0.1% below its 50-dMA. That isn’t much, but if it stays there on Monday that might suggest a trend-break down.

The McClellan Oscillator improved again reflecting the positive breadth I mentioned above.

I am still waiting to see if price action will follow the indicators higher.

BOTTOM LINE
I am neutral.

ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:

My basket of Market Internals slipped to HOLD. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.)

Thursday, June 25, 2026

Durable Goods … National Activity Index … GDP … PCE Inflation … Momentum Trading DOW Stocks & ETFs … Stock Market Analysis

REFLECTING POOL VANDALIZED (The Guardian)
“…the president blamed the pool’s woes on “vandals”, who he claimed had taken “some form of knife or blade” and delivered a 250ft gash into the pool’s facade. By Monday, when Trump was still posting about the site, this alleged damage had grown into a “300 foot long gash”.” Story at…
https://www.theguardian.com/us-news/2026/jun/22/what-happened-dc-reflecting-pool-vandalism-arrest-algae

TRUMP DROVE HIS MOTORCADE THRU THE REFLECTING POOL??!!!
This couldn’t be true, could it?
“Yes, the claim is true. In early May 2026, President Donald Trump's motorcade was driven through the drained and freshly painted Lincoln Memorial Reflecting Pool. The administration and several news outlets confirmed that the heavy SUVs drove directly across the "American flag blue" sealant so he could inspect the project.” See Snopes at…
https://www.snopes.com/fact-check/trump-motorcade-reflecting-pool/
My cmt: So, Trump vandalized the project. Unbelievable!

YEAR END FORECAST (Moneywise)
“Financial firms such as Oppenheimer (1), Citigroup (2) and Goldman Sachs (3) have been raising their S&P 500 value predictions for 2026. Now one firm's optimism has topped them all. Ed Yardeni, president of Yardeni Research, announced his 2026 S&P 500 forecast on Sunday: 8,250.” Story at…
Ed Yardeni just hiked his year-end forecast for the S&P 500 to the highest of any Wall Street forecaster. Why he says we're in the 'Roaring 2020s'
My cmt: That’s 12% higher than Wednesday’s close.

DURABLE GOODS (FxStreet)
“Durable Goods Orders in the United States (US) declined by 4.5%, or $15.6 billion, in May to $332.1 billion, the US Census Bureau reported on Thursday. This reading followed the 8.5% increase recorded in April and came in line with the market expectation.” Story at…
https://www.fxstreet.com/news/united-states-durable-goods-orders-decline-45-in-may-as-expected-202606251239

NATIONAL ACTIVITY INDEX (Advisor Perspectives)
“The Chicago Fed National Activity Index (CFNAI) fell to -0.10 in May from +0.19 in April.”

Charts and commentary at…
https://www.advisorperspectives.com/dshort/updates/2026/06/25/cfnai-chicago-fed-national-activity-index-economic-growth-may-2026

JOBLESS CLAIMS (AP News)
“U.S. applications for unemployment benefits in the week ending June 20 fell by 12,000 to 215,000, the Labor Department reported Thursday. “ Story at…
https://apnews.com/article/unemployment-benefits-jobless-claims-layoffs-labor-6c38e6c91415403252f242c42cdfbc3e

GDP – FINAL (Reuters)
“The ⁠findings buttress recent economic data showing that the war did little apparent damage to the U.S. economic outlook, with job growth accelerating in recent months and consumption relatively unscathed… The U.S. economy grew at about a 1.6% annual rate over the first three months of the year.” Story at…
https://www.reuters.com/business/energy/oil-shock-nicked-us-gdp-resilience-was-message-dallas-fed-research-finds-2026-06-23/

PCE PRICES (NBC News)
“The personal consumption expenditures index rose to 4.1% on a yearly basis, the highest reading since April 2023. Stripping out volatile food and energy costs, so-called core PCE measured 3.4%, the highest reading since October 2023.” Story at…
https://www.nbcnews.com/business/economy/may-inflation-report-interest-rates-oil-rcna351636
My cmt: These numbers exceed Fed targets for its favorite inflation measures.

QUICK MARKET SUMMARY
-Thursday the S&P 500 was little changed at 7357.
-VIX rose about 1% to 18.89.
-The yield on the 10-year Treasury declined slightly to 4.396% (compared to about this time prior market day).

MY TRADING POSITIONS
QLD – Added 5/28/2026
NVDA – Added 12/1/2025 & 2/6/2026
“According to the 54 analysts' twelve-month price targets for NVIDIA, the average price target is $278.73. The highest price target for NVDA is $360.00, while the lowest price target for NVDA is $205.00.”- MarketBeat at…
https://www.marketbeat.com/stocks/NASDAQ/NVDA/forecast/
XLK – Added 6/5/2026

CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the 50-Indicators I track, 12 gave Bear-signs and 10 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)

TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators improved from -5 to -2 (2 more Bear indicators than Bull indicators), a NEUTRAL indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the spread (purple on the chart above) that smooths daily fluctuations turned higher, a BULLISH sign that is also important.

The S&P 500 closed on the 50-dMA. The 50-dMA is important because it often represents the lower trend line.

Breadth indicators are still mostly ok. The most worrisome bearish indicator is the Fosback Hi/Low Logic Index. It warns when both new-highs and new-lows are elevated. It called the start of the Pandemic Bear Market to the day. The McClellan Oscillator has turned positive. That has negated the Hindenburg Omen and if it continues to improve will probably lead to a cancelation of the Fosback indicator too. The Hindenburg Omen uses analysis similar to the Fosback Indicator.

Note that today’s indicators have improved significantly compared to the 10 June low, so perhaps that divergence will portend good news for the markets. – STILL WAITING FOR THE GOOD NEWS ON PRICE ACTION, but we do note that indicators continue to improve.

BOTTOM LINE
I am neutral.

ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:

My basket of Market Internals slipped to HOLD. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.)

Wednesday, June 24, 2026

New Home Sales … S&P 500 Global Manufacturing PMI …. S&P 500 Global Services PMI … Momentum Trading DOW Stocks & ETFs … Stock Market Analysis

“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.

“Far more money has been lost by investors in preparing for corrections, or anticipating corrections, than has been lost in the corrections themselves.” - Peter Lynch, former manager of Fidelity’s Magellan® fund.

“Never, never, never, believe any war will be smooth and easy, or that anyone who embarks on that strange voyage can measure the tides and hurricanes he will encounter. The Statesman who yields to war fever . . . is no longer the master of policy but the slave of unforeseeable and uncontrollable events.” - Winston Churchill.

“There’s a lot of exuberance out there,” Dimon continued. “But it was in 1972, 1986, 2000, 2007. That doesn’t give me comfort.” – Jamie Dimon

“…as I’ve long argued, our [journalism] industry’s recovery of self-respect must begin with divorcing ourselves from a certain digital-age audience—the audience that doesn’t care whether a claim is true or false, only whether it meets an emotional need…In the age of online propaganda and artificial intelligence, the country urgently needs a place it can turn to for truth. This is a mission that a redeemed mainstream news business can give itself: Make America strong-minded again.” - Holman W. Jenkins, Jr., Opinion Columnist, Business World, The Wall Street Journal. From…
https://www.wsj.com/opinion/scott-pelley-delivers-for-the-ellisons-trump-and-cbs-b7d5c80c

NEW HOME SALES (Reuters)
“Sales of new U.S. single-family homes unexpectedly fell in May, weighed down by higher mortgage rates and prices, dampening hopes for a housing recovery this year after prolonged weakness…New home sales dropped 7.3% to a seasonally adjusted annualized rate of 580,000 units last month, the lowest level since January…” Story at…
https://www.reuters.com/world/us/us-new-home-sales-unexpectedly-fall-may-2026-06-24/

S&P GLOBAL MANUFACTURING PMI (Reuters)
“U.S. manufacturing activity rose again in June as companies preemptively placed new orders in anticipation of shortages and higher prices, but factory employment hit a six-year low, blamed on rising operating costs related to ‌the Middle East conflict.
S&P Global said its flash manufacturing PMI increased to 55.7 this month, the highest reading since May 2022…” Story at…
https://www.reuters.com/business/us-manufacturing-rises-front-loading-orders-factory-employment-tumbles-six-year-2026-06-23/

S&P GLOBAL SERVICES PMI (Advisor Perspectives)
“The May U.S. Services Purchasing Managers' Index (PMI) from S&P Global inched down 0.3 points to 50.7, indicating slower expansion in the services sector. The latest reading was lower than the forecast of 50.9 and was among the weakest months of expansion in the past 2.5 years.” Commentary at…
https://www.advisorperspectives.com/dshort/updates/2026/06/03/sp-global-services-pmi-may-2026

QUICK MARKET SUMMARY
-Wednesday the S&P 500 declined about 0.1% to 7358.
-VIX declined about 4% to 18.63. (The Options Boys don’t seem too worried.)
-The yield on the 10-year Treasury declined to 4.398% (compared to about this time prior market day).

MY TRADING POSITIONS
QLD – Added 5/28/2026
NVDA – Added 12/1/2025 & 2/6/2026
“According to the 54 analysts' twelve-month price targets for NVIDIA, the average price target is $278.73. The highest price target for NVDA is $360.00, while the lowest price target for NVDA is $205.00.”- MarketBeat at…
https://www.marketbeat.com/stocks/NASDAQ/NVDA/forecast/
XLK – Added 6/5/2026

CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the 50-Indicators I track, 14 gave Bear-signs and 9 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)

TODAY’S COMMENT
Today was somewhat odd. The S&P 50 was down slightly, but advancing issues outpaced decliners; new-highs were ahead of new-lows. The negative was on the volume side: declining-volume outpaced advancing-volume. We’re left with indicators that improved slightly.

The daily, bull-bear spread of 50-indicators improved from -6 to -5 (5 more Bear indicators than Bull indicators), a NEUTRAL indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the spread (purple on the chart above) that smooths daily fluctuations is essentially flat, also a NEUTRAL sign that is also important.

Note that today’s indicators have improved significantly compared to the 10 June low, so perhaps that divergence will portend good news for the markets.

The S&P 500 is only 0.1% above the 50-dMA. As previously noted, since the 50-dMA has not been significantly broken, we can’t be too concerned about the recent weakness. So far, it looks perfectly normal and not a sign that more trouble is certain. I’ll get more concerned if the 50-day does not hold.

Breadth indicators are mostly ok, so for now, we’ll have to wait for more information. An important piece of information would be if the Index drops below its 50-day.

BOTTOM LINE
I am neutral.

ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:

My basket of Market Internals improved to BUY. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.)

Tuesday, June 23, 2026

Richmond FED … Momentum Trading DOW Stocks & ETFs … Stock Market Analysis

“Trade what you see; not what you think.” – The Old Fool, Richard McCranie, trader extraordinaire.

“Far more money has been lost by investors in preparing for corrections, or anticipating corrections, than has been lost in the corrections themselves.” - Peter Lynch, former manager of Fidelity’s Magellan® fund.

“Never, never, never, believe any war will be smooth and easy, or that anyone who embarks on that strange voyage can measure the tides and hurricanes he will encounter. The Statesman who yields to war fever . . . is no longer the master of policy but the slave of unforeseeable and uncontrollable events.” - Winston Churchill.

“There’s a lot of exuberance out there,” Dimon continued. “But it was in 1972, 1986, 2000, 2007. That doesn’t give me comfort.” – Jamie Dimon

CONGRESS GETS A SAY ON IRAN DEAL (WSJ- excerpt)
“All presidents long for the big foreign-policy win. The cameras, the signing ceremony and, not least, the knowledge that they have shaped history. After a war, when markets are looking for calm and the public for reassurance, a president might be tempted to move things along without consulting Congress.
In the case of President Trump’s prospective deal with Iran, that would be unlawful and unconstitutional. It would violate the Iran Nuclear Agreement Review Act of 2015 (Inara), which was enacted while the Obama administration was negotiating its Iran nuclear deal, the Joint Comprehensive Plan of Action. Inara requires congressional review for any agreement related to Iran’s nuclear program before sanctions relief can move forward. More generally, the president can’t use diplomacy to nullify sanctions Congress enacted or disregard the limits Congress placed on his power to waive them.” Opinion at…
https://www.wsj.com/opinion/not-so-fastcongress-gets-a-say-on-the-iran-deal-05cb1696
My cmt: Trump has never been one to follow the Constitution. Unfortunately, this is not new. In addition to the law cited above, the Senate’s “advice and consent” role on Treaties has been bypassed regularly, but especially by Trump and Obama.
“A treaty is a formal, legally binding written agreement between sovereign states or international organizations. It functions like a contract under international law, used to establish alliances, regulate commerce, resolve disputes, or protect human rights.”
So, to avoid the Senate, our leaders call them “agreements”, “accords” (think climate accords) or now “MOUs” - anything but what they are – treaties.

MAJOR STOCK MARKET SHOCK POSSIBLE (Moneywise)
“Apollo Global Management CEO Marc Rowan warned that Wall Street may be underestimating the risk of a major "out of the box" economic shock, suggesting a 30% to 35% probability of a significant disruption despite current market highs. "Everything we see in front of us is actually quite strong," Rowan said. But there is "a much greater chance, in our opinion, of out-of-sideline results."… In response, the firm is positioning defensively by upgrading credit quality and building cash reserves…"Combine bonds, gold, infrastructure, real estate and hedge strategies so at least one protector is working in every market scenario."
That way, when there's volatility somewhere in the market, you might not feel the contagions quite as badly in your portfolio.” Story at…
Apollo CEO Marc Rowan says there’s now a 35% chance of a major market shock — and his firm is piling up $40B cash. How investors can prepare

RICHMOND FED (City Biz)
“The Federal Reserve Bank of Richmond reported Tuesday that its manufacturing index declined to 4 in June, falling short of economists’ expectations of 8 and down from 13 in May…All three major components of the survey — shipments, new orders and employment — moved lower during the month, signaling softer manufacturing conditions across the Fifth Federal Reserve District.” Story at…
https://www.citybiz.co/article/864351/richmond-fed-manufacturing-index-falls-more-than-expected-in-june/

QUICK MARKET SUMMARY
-Tuesday the S&P 500 declined about 1.4% to 7365.
-VIX rose about 10% to 19.01.
-The yield on the 10-year Treasury declined slightly to 4.499% (compared to about this time prior market day).

MY TRADING POSITIONS
QLD – Added 5/28/2026
NVDA – Added 12/1/2025 & 2/6/2026
“According to the 54 analysts' twelve-month price targets for NVIDIA, the average price target is $278.73. The highest price target for NVDA is $360.00, while the lowest price target for NVDA is $205.00.”- MarketBeat at…
https://www.marketbeat.com/stocks/NASDAQ/NVDA/forecast/
XLK – Added 6/5/2026

CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
At the close today, of the 50-Indicators I track, 14 gave Bear-signs and 8 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)

TODAY’S COMMENT
The daily, bull-bear spread of 50-indicators declined from -1 to -6 (6 more Bear indicators than Bull indicators), a slightly BEARISH indication. I consider +5 to -5 the neutral zone. The 10-dMA curve of the spread (purple on the chart above) that smooths daily fluctuations reversed lower, a BEARISH sign that is also important.

The S&P 500 fell to 0.6% above the 50-dMA and appears to be in the vicinity of its lower trendline. In the chart above it looks like the Index is on its lower trendline or slightly lower. It is important to note that trendlines are subjective and depend on the scales chosen when drawing the chart. For that reason, the 50-dMA is more reliable than a trendline. Since the 50-dMA has not been significantly broken, we can’t be too concerned about the recent weakness. So far, it looks perfectly normal and not a sign that more trouble is certain.

Breadth indicators are mostly ok, so for now, we’ll have to wait for more information. An important piece of information would be if the Index drops below its 50-day.

BOTTOM LINE
I am neutral.

ETF - MOMENTUM ANALYSIS:
TODAY’S RANKING OF 15 ETFs (Ranked Daily) ETF ranking follows:

My basket of Market Internals declined to HOLD. (My basket of Market Internals is a decent trend-following analysis that is most useful when it diverges from the Index.)