Market Focus Analysis:
Pulse Focus 1: The U.S. June ISM non-manufacturing PMI edged down to 54, in line with expectations, from a previous reading of 54.5.
Focus Insight: Supported by the World Cup factor, the latest U.S. services data showed no strong performance, reflecting market weakness. The figures also align with last week’s ADP and non-farm payroll data, suggesting that economic indicators may remain sluggish in the coming months.
Asset alert: EUR/USD may be attempting to break out of the channel formed since last Friday—watch for signals of an upward breakout. Key resistance for the day lies around 1.1450/55; if a breakout is confirmed with a pullback, further gains could target the 1.1475/80 zone.
Pulse Focus 2: After U.S. markets closed overnight, selling pressure on tech stocks remained severe. Despite strong Samsung earnings in Asia, the sell-off continued. South Korea’s KOSPI index dropped 6%.
Focus Insight: The recent sharp pullback in South Korean tech stocks is a natural correction following their earlier surge, both stemming from the same market dynamics. The Nasdaq’s adjustment has been relatively modest. After oil prices declined, equities have corrected from elevated levels. If expectations for further rate hikes continue to weaken, confidence in the overall trajectory of tech stocks should remain intact.
Asset reminder: For the Nasdaq 100, continue monitoring for bullish rebound signals following the low-volume sweep within the next 100 days. Focus on the 29,200/29,230 area. Once price breaks above this level, pay closer attention to potential rebounds rather than further downside movement.
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Gold: Overnight price action primarily unfolded within the yellow zone highlighted by our plugin alert. After two consecutive waves of liquidity sweeps, there was a certain rebound. However, prices subsequently resumed the channel trend observed since Friday. Today, we will only focus on an upward breakout from this channel; once confirmed by a pullback, we will place buy limit orders in the blue zone. For exact positions, please consult the plugin.
(Gold 15-minute chart)
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Nasdaq: The price has shown no clear trend or swing movement recently, with intraday fluctuations driven by liquidity sweeps. The yellow zone we highlighted in our plugin yesterday was not tested, as the price first swept through upper liquidity before turning downward. Today, the price is highly likely to sweep through the yellow zone, and we will be watching for bullish rebound signals following that sweep. For detailed positioning, please consult the plugin.
(NASDAQ 15-minute chart)
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Crude oil: The recent consolidation zone above is around 69.70/70. If prices fail to break through, they may turn lower again in search of support. We will focus on this pullback during the day and look for opportunities to sell on rebounds. For detailed levels, please consult the plugin.
(Crude Oil 15-minute Chart)
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Today’s key financial data and events to watch:
14:00 Germany May seasonally adjusted industrial output month-on-month
20:15 U.S. ADP Employment Change for the Week Ending June 20 (in thousands)
