U.S. Equity Markets closed at new highs on Monday led by the S&P and NDX which closed with gains of 0.77% and 1.24% respectively while the Russell 2000 ended yesterday’s session with a gain of 0.8%.  Yet again we saw outperformance in the large-cap sectors of Consumer Discretionary and Technology as the latter was buoyed by Micron (MU) (+4.5%) after Bank of America Analyst Susquehanna raised PT’s of the stock ahead of earnings next week. Utilities, Real Estate, and Health were the only ones in the red. Indices were buoyed by the turnaround in risk sentiment, albeit off no headline driver, as the Dollar saw slight losses and reversed from earlier highs of 105.640 to lows of 105.30. As such, the crude complex was also firmer and buoyed by the aforementioned softer Dollar after initial geopolitical tailwinds, as Israeli PM Netanyahu dissolved his war cabinet. Despite saying this, precious metals (XAU, XAG) saw slight losses and Treasuries began the week on the backfoot, after last week’s strength, amid consolidation ahead of Fed Speak. On Fed speak, Harker (2026 voter) said if his economic forecast plays out, he thinks one rate cut would be appropriate by years end, meanwhile two cuts or none are also quite possible, but it depends on data. For the record, New York Fed Manufacturing was better than feared, with the inflationary gauges of prices paid and received encouragingly dipping, although little market reaction was seen. Looking ahead, there is a plethora of Fed Speak ahead, with US Retail Sales also on Tuesday, with RBA rate decision overnight. Meanwhile, Fed Member Harker said if his economic forecast plays out, he thinks one rate cut would be appropriate by years end, meanwhile two cuts or none are also quite possible, but it depends on data. Continuing to highlight the data dependant approach, he said more data is essential to come to a decision on rate cuts given the choppiness so far this year. Further on rates, Harker added keeping rates where they are for a bit longer will help get inflation down and mitigate upside risks. On inflation, the Philadelphia President said the latest inflation data is quite promising, but falls short of the confidence needed, and has not quite dissipated uncertainty. Lastly, he noted last week’s CPI data was very welcome, but overall progress on inflation in recent months has been modest. Ahead of Core PCE next week (28th June), 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 and that would translate to a 2.6% Y/Y core PCE inflation rate, down from 2.8% in April.” Timiroas further noted, that would hold the 6-month annualised core PCE rate around 3.2% (or 3.3%) in May, with the 3-month annualised rate would drop back below 3% for the first time since January. Elsewhere, Oil surged closing higher by over 2% while Gild was weak despite a weaker Dollar.

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 bryan@tradernoble.com for details

For anyone following my Platinum Service it made 63 points yesterday and is now ahead by 1578 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 0.77% higher at a price of 5473.

The Dow Jones Industrial Average closed 188 points higher for a 0.49% gain at a price of 38,778.

The NASDAQ 100 closed 1.24% higher at a price of 19,902.

The Stoxx Europe 600 Index closed 0.09% higher.

Yesterday, the MSCI Asia Pacific closed 0.3% higher.

Yesterday, the Nikkei closed 0.4% lower at a price of 38,723.


The Bloomberg Dollar Spot Index closed 0.19% lower.

The Euro closed 0.3% higher at $1.0734.

The British Pound closed 0.1% higher at 1.2701.

The Japanese Yen fell 0.2% closing at $157.70.


Germany’s 10-year yield closed 6 basis points higher at 2.42%.

Britain’s 10-year yield closed 6 basis points higher at 4.12%.

U.S.10 Year Treasury closed 5 basis points higher at 4.28%.


West Texas Intermediate crude closed 2.55% higher at $80.55 a barrel.

Gold closed 0.6% lower at $2318 an ounce.

This morning on the Economic Front we have the German and Euro-Zone ZEW Surveys at 10.00 am. Also due to rereleased at the same time is Euro-Zone CPI. Next, we have U.S. Retail Sales at 1.30 pm, followed by Industrial Production and Capacity Utilisation at 2.15 pm. Finally, we have speeches from Fed Members Barkin, Kugler, Logan, Musalem and Cook at 3.00 pm, 6.00 pm, 6.05 pm, 6.20 pm and Goolsbee at 8.00 pm respectively. Meanwhile, there is also a key 20 Year Treasury Auction at 6.00 pm.

Cash S&P 500

The 1.5% rally in the NASDAQ 100 saw the S&P end Monday at a new all-time high. The bifurcation of the market is at levels that I have never seen before in the 30 years of trading the American Indexes. 60% of the S&P gains have been driven by just 5 stocks and the rest of the market meandering, which is either a big red flag or a giant misinformation campaign by the market. Why misinformation? Because on the surface we have the S&P and NDX technically stretched to the upside yet even more oversold readings emerging in the charts that I follow. Case in point: $ NYMO closed at -49 on Friday. Typically, that is a reading that you get during a sizeable sell-off, even in April just gone or last October when the S&P took off to the upside. It is ridiculous, but that is the result of bifurcation. Fact even at all-time highs beneath the surface nothing is overbought. Yet the S&P and NDX are trading well above their Daily and Weekly Bollinger Bands with RSI readings at 82 for the NDX and 75 for the S&P. Meanwhile, Transports have been horrible and perhaps they are signalling recession. The Fear & Greed Index is still showing a reading of ‘’Fear’’ in the market that is trading at all-time highs which is insane. I just cannot justify new longs on either the NDX or S&P without a pullback first, but cognizant we may squeeze higher into July. Yesterday, the S&P traded the whole of my sell range for a now 5460 average short position. As emailed to my Platinum Members, I am still short with no stop for now. I have a T/P level at 5444 on this position. If this view changes, I will be back with a new update for my Platinum Members.


The Euro had a small rally yesterday. This move higher saw the market hit my revised 1.0735 T/P level on last week’s 1.0710 average long position and I am now flat. Today, I will again be a buyer on any dip lower to 1.0610/1.0680 with a lower 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 105.53 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 no longer want to be long the Dollar at this time.

Cash DAX

I am still flat the DAX. Although the DAX traded in a narrow range over the past 24 hours, it continues to trade heavy. Ahead of the five Fed Members speaking this afternoon, I will now lower my DAX buy level to 17790/17870 with a now lower 17695 ‘’Closing Stop’’. I still do not want to be short the DAX at this time. If I am taken long, I will have a T/P level at 17950.


The FTSE sold off shortly after I posted yesterday morning. This move lower saw the market hit my 8130-buy level. Just before the Chicago close, the FTSE rallied to my revised 8168 T/P level and I am now flat. Today, I will again be a buyer on any dip lower to 8060/8130 with the same 7995 ‘’Closing Stop’’.

Dow Rolling Contract

The Dow hit a low of 38425 yesterday morning before turning around and rallying 400 points off this low into the close. I am still flat. I will now raise my Dow buy level to 38400/38650 with a higher 38195 ‘’Closing Stop’’. I still do not want to be short the Dow at this time.

Cash NASDAQ 100

The NASDAQ closed at yet another all-time high. The NDX is now trading over 1600 points above its 20 Day Moving Average which is just insane. The RSI for the NDX is as overbought as it was back in January 2018, which subsequently led to a 20% fall in the NDX. The NASDAQ 100 Advance/Decline Line, which usually trends and reverses with the Index, made a high on May 20 and has failed to confirm the new highs in the NDX ever since. So, another bearish non-confirmation exists in one of market’s benchmark Indexes that is more overbought than at anytime in the past 6 ½ years. This latest move higher saw my second sell level at 19820 triggered, for a now 19720 average short position. I will now raise my T/P level to 19550 while leaving my 20005 ‘’Closing Stop’’ unchanged for now. If any of the above levels are hit, I will be back with a new update for my Platinum Members.

September BUND

This morning, the Bund is trading 80 points lower from where I marked prices yesterday morning. I am still flat as the market never came close to Monday’s sell range. The Bund has support from 131.10/131.90 where I will be a buyer with a 130.35 ‘’Closing Stop’’. I will now lower my sell level to 133.40/134.10 with a now lower 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 especially as I have a large, long Silver position at this time. 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

No Change: I am still long Silver at an average rate of 29.40 with the same 28.25 tight ‘’Closing Stop’’. Meanwhile, I will leave my T/P level on this position unchanged at 29.80. If any of the above levels are hit, I will be back with a new update for my Platinum Members.