Market Watch: CPI, Tech Stocks, and SpaceX IPO Outlook

Summary

Today, June 10th, the market is focused on the upcoming Core CPI data release, with Oracle earnings after the close and the highly anticipated SpaceX IPO on Friday, June 12th, marking the next major event. Yesterday's trading saw an initial open above previous highs, followed by a rejection and a push back down to last week's lows, with a slight bounce into the close. The VIX, or volatility index, is noted as a key indicator; when it's above 20, it signals higher market volatility, which can be advantageous for day trading but challenging for swing trading and long-term investing. Traders are advised to deploy capital when the VIX spikes, as this often coincides with market dips. Key levels for the QQQ are around 700, and for the SPY, around 732. Many tech stocks, including Apple, Google, Microsoft, Meta, and Amazon, are showing weakness and dropping with the major indices. Semiconductor stocks like AMD, MU, and Intel are being watched as potential leaders if the market bounces. MU is showing strong buyer interest around the 900 level. Intel is holding at its 100 psychological level. Apple is at a key technical area near previous all-time highs, presenting a potential bounce play. The game plan for today involves patience, marking the opening range candles, and observing price action around these key levels, with a neutral to slightly bearish intraday bias due to markets being between previous day's ranges. Locking in profits is advised due to the current market volatility.