Market Volatility: Fed's FOMC, Tech Leaders, and Semiconductor Surge

Summary

Yesterday's market saw significant volatility following the FOMC announcement where no interest rate cuts were made and a new Fed chair was appointed. Major indices like the SPY and QQQ experienced gap fills on the daily charts and are now showing signs of a bounce. The SMH, representing semiconductors, is leading the market upward, reaching all-time highs, with memory names like DRAM also performing exceptionally well. Key economic events to watch include unemployment data at 8:30 a.m. EST today and the deadline for the Iran-US deal, which could impact markets tomorrow. While broader indices like SPY and QQQ are near the middle of their ranges, semiconductors and names like AMD and Intel are showing strong bullish price action, with Intel forming a potential cup and handle pattern and AMD exhibiting a bullish flat-top break. In contrast, many 'Mag Seven' tech stocks, including Microsoft and Google, are underperforming, with Microsoft showing signs of a potential weekly head and shoulders pattern. SpaceX is noted for its volatility and potential for both intraday trading opportunities and a bounce from its IPO lows around $176. The overall game plan for today focuses on continued strength in semiconductors, with specific attention on AMD, MU, INTC, and WDC for upside continuation. Markets will be closed tomorrow for the Juneteenth holiday.