The cash U.S. Equity Markets were closed for the woke, virtue-signalling Juneteenth holiday, but that did not stop algos from gorging on the latest tech bubble, and sure enough, Nasdaq 100 futures extended their gains to an 8th consecutive day, following a strong run for technology shares that saw Nvidia become the world’s most valuable company Wednesday. Contracts on the S&P 500 were steady, while Dow Jones futures, not that anyone even looks at them anymore, edged lower. Despite the big three US stocks – NVDA, MSFT and AAPL – fast approaching an idiotic $10 trillion valuation, the US tech rally shows no signs of waning as data suggested that investors kept piling into the tech behemoths. The sector gained fresh momentum after a slowdown in consumer inflation in May bolstered bets for a potential rate cut in November. That helped lift market value of AI poster child Nvidia to the top ranking globally on Tuesday. “We believe that there is still strong support for the information technology sector,” said Marija Veitmane, head of equity research at State Street Global Markets. With economic growth slowing, “we find it important to focus on companies with better earnings growth and stronger margin defence – this is exactly what large-cap tech is offering,” she said. Nvidia, which rallied 174% this year, is responsible for over one third of S&P 500’s gain in 2024, according to Goldman. Together with Microsoft, Meta and Apple, the four stocks accounted for half of the index’s 15% advance. Meanwhile, a chorus of Federal Reserve officials on Tuesday urged more patience on rate cuts and emphasised the need for further evidence of cooling inflation. St. Louis Fed President Alberto Musalem said it could take “quarters” for the data to support a cut. Musalem speaking for the first time in a very long time, noted he needs to observe a period of favourable inflation, moderating demand and expanding supply before he will have confidence for an interest rate cut; these conditions could take months and more likely quarters to play out. Musalem added if inflation becomes stuck meaningfully above 2% or moves higher, he will support additional policy tightening. On PCE (due 28th June), he said PCE price index should show welcome downshift of inflation in May. As a reminder, on Monday, WSJ’s Timiroas posted on X “With the PPI and import price data in hand for May, the inflation modelers who map the CPI/PPI into the PCE now expect the core PCE index rose around 0.08%-0.13% in May…”. Meanwhile Fed Member Barkin said the US is clearly on the backside of inflation, but it is hard to know how much of a signal to take from inflation last year, this quarter, or the last couple of weeks. Barkin said that he was supportive of last week’s decision, noting the Fed will learn a lot more over the next several months. There is also a strong sense the Fed is at a restrictive level, but it is a fair question on how restrictive policy is. On inflation, the Richmond Fed President said that on the service side, he still thinks firms are exploring raising prices as much as possible, but the May inflation print was very encouraging, although shelter and services inflation is not quite there. He noted that headline inflation numbers are heading completely in the right direction, while consumer spending is still solid and that dynamics underpinning spending are the strong jobs market and the stock market at record levels. On the labour market, Barkin added it is also heading in the right direction, but the hiring rate has dropped a lot. He is closely watching to see if there is an acceleration in the layoff rate. He acknowledged labour market numbers are very strong, but inflation is still not at target, and that said, it is not hard to see scenarios where the labour market weakens. Finally, Fed Member Kugler said it is likely appropriate to begin easing policy sometime later this year if the economy evolves as expected. She added policy has more work to do and judgement will be guided by data, continuing to echo the data-dependant approach. On inflation, said it is still too high, but encouraged by renewed recent progress and further progress likely to be gradual. In later remarks, Kugler noted how much they cut will be a question they continue to assess as more data comes in and it is not an answer they can give today. She further added it depends on whether it is from disinflation or rapid deterioration of the labour market. And in response to why no cut at the next meeting, said there are risks on both sides of the mandate. Elsewhere, Oil was closed Wednesday, while Gold ended the day flat.

To mark my 3000th issue of TraderNoble Daily Commentary I am offering a special 2-Year Rate of Euro 2750 for my Platinum Service which includes 1 monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on for details

For anyone following my Platinum Service it made 40 points yesterday and is still ahead by 1618 points for June, having made 1843 points in May. The Platinum Service made 4010 points in April after ending March with a gain of 2113 points. February closed with a gain of 1606 points, after closing January with a gain of 3675 points. December saw a gain of 1890 points after finishing November with a gain of 1734 points. October ended with a gain of 3184 to 4 updated emails throughout the trading day to demonstrate this value, a points, after closing September with a small gain of 228 points, after finishing August with a gain of 1485 points, following a small gain of 285 points gain in July, after closing June with a gain of 2683 points. May closed with a gain of 3205 points. April saw a gain of 3354 points while March closed with a gain of 6168 points. The Platinum Service made a record 9619 points last October.  Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1900 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification 


The S&P 500 closed 0.25% higher at a price of 5487.

The Dow Jones Industrial Average closed 56 points higher for a 0.15% gain at a price of 38,834.

The NASDAQ 100 closed 0.04% higher at a price of 19,908.

The Stoxx Europe 600 Index closed 0.17% lower.

Yesterday, the MSCI Asia Pacific closed 0.3% higher.

Yesterday, the Nikkei closed 0.23% higher at a price of 38,570.


The Bloomberg Dollar Spot Index closed 0.01% lower.

The Euro closed 0.1% higher at $1.0746.

The British Pound closed 0.1% higher at 1.2718.

The Japanese Yen fell 0.1% closing at $158.02.


Germany’s 10-year yield closed 1 basis points higher 2.41%.

Britain’s 10-year yield closed 1 basis points higher at 4.07%.

U.S.10 Year Treasury closed 5 basis points lower at 4.23%.


West Texas Intermediate crude closed 1.56% higher at $81.58 a barrel.

Gold closed 0.1% lower at $2328 an ounce.

This morning on the Economic Front we have the Euro-Zone Economic Bulletin at 9.00 am, followed by the Bank of England Rate Decision at 12.00 pm. Next, we have U.S. Weekly Jobless Claims, Philly Fed Manufacturing Index, Housing Starts and Building Permits at 1.30 pm.  Finally we have a speech from Fed Member Kashkari at 1.45 pm and Euro-Zone Consumer Confidence at 3.00 pm.

Cash S&P 500

No Change. Yesterday was a non-event which is no surprise given the fact that all U.S. Banks and Post Offices were closed. I am still short the S&P from Monday at an average rate of 5460 with the same no stop. I will now raise my T/P level to 5448. If any of the above levels are hit, I will be back with anew update for my Platinum Members.


I am still flat as the Euro again traded in a narrow range. Today, I will continue to be a buyer on any dip lower to 1.0610/1.0680 with the same 1.0565 ‘’Closing Stop’’. If I am taken long, I will have a T/P level at 1.0740.

Dollar Index

I am still flat the Dollar as the market traded in a narrow range over the past 24 hours. This morning, the Dollar is trading unchanged at 105.31 as I go to press. We have resistance from 105.80/106.40 where I will be a seller with a 107.05 ‘’Closing Stop’’. I still no longer want to be long the Dollar at this time.

Cash DAX

I am still flat the DAX. The market had a small sell-off yesterday trading lower at a price of 18085 as I go to press. Today, I will continue to be a buyer on any dip lower to 17850/17930 with a lower 17775 ‘’Closing Stop’’. If I am taken long, I will have a T/P level at 17995.


The FTSE just missed yesterday’s buy range by four points before rallying 50 points into the close. All eyes will be on the Bank of England Rate Announcement at 12.00 pm. The odds of a sooner rate cut have gone down a little despite UK headline annual inflation touching the 2% mark for the first time since 2021. That owes much to the stubborn readings in core prices and more specifically, services inflation. The BOE has previously mentioned that they would like more progress on the latter especially before pivoting. That said, policymakers did also say that they were comfortable with markets pricing in an August rate cut at the earliest. That is not on the table as September remains the favourite now, according to market pricing. So, just be wary of that. If the next CPI report is softer than estimated, it could just bring August back on the table. But for now, that is a really tall threshold to cross over. As a result I expect the BOE to leave rates unchanged today. I will now raise my FTSE buy level to 8100/8170 with a higher 8045 ‘’Closing Stop’’. I still do not want to be short the FTSE at this time. If this view changes, I will be back with anew update for my Platinum Members. If I am taken long, I will have a T/P level at 8210.

Dow Rolling Contract

I am still flat as the Dow never came close to yesterday’s buy range having traded in a narrow range over the past 24 hours. I will not chase the Dow higher, leaving my 34410/34660 buy level unchanged with the same 38195 ‘’Closing Stop’’. I still do not want to be short the Dow at this time.

Cash NASDAQ 100

No Change as the U.S. Markets were closed yesterday. The NASDAQ traded in a narrow range on Wednesday, and I am still flat. The NDX 14 -Day RSI closed at a reading of 86 on Tuesday night. History tells us we cannot be short the market when we have exaggerated reading as we have now. I am still short at an average rate of 19720 with a now higher 19610 T/P level. I will have no stop on this position for now. If this view changes I will be back with a new update for my Platinum Members.

September BUND

The Bund traded in a narrow range yesterday and I am still flat. Today, I will continue to be a buyer on any dip lower to 131.10/131.90 with the same 130.45 ‘’Closing Stop’’. Meanwhile, I will continue to be a seller on any further rally to 133.40/134.10 with the same 134.85 ‘’Closing Stop’’.

Gold Rolling Contract

Gold traded in a narrow range again yesterday and I am still flat. I have no interest in chasing the price of Gold higher. Therefore, I will continue to be a buyer on any dip lower to 2272/2288 with the same 2259 ‘’Closing Stop’’. If I am taken long, I will have a T/P level at 2302.

Silver Rolling Contract

It took a while but finally, Silver rallied to my 29.80 T/P level on my latest 29.40 average long position and I am now flat. Today, I will again be a buyer of Silver on any dip lower to 28.40/29.20 with a lower 27.55 ‘’Closing Stop’’.

Please Note: There will no Daily Commentary tomorrow. Any of my calls that are not hit today and are subsequently triggered on Friday will see me return with updated emails for my Platinum Members.