Market Soars Past Key Levels Amidst China Deals and Tech Stock Watch

Summary

The market hit significant highs today, with the S&P 500 breaching 7500 points and the Dow Jones reaching a key level. Despite a positive announcement of Boeing selling 200 planes to China, Boeing's stock dipped, a reaction that raises questions about other potential deals from ongoing China meetings. The S&P 500 found resistance at an inclining trend line near 7517 points, with 7300 seen as a near-term support level if a sell-off occurs. The QQQ is showing overbought conditions and is expected to consolidate near its parallel channel, around $715. The SMH is nearing a projected 245% move, mirroring past patterns of significant gains followed by declines, with potential support at $53. The IWM continued its upward trend, breaking out from a support trend line. The 10-year yield, despite a daily topping tail, rallied back to previous highs, suggesting a continued upward trend and a potential shift of investors from equities if it breaches 4.5%. Gold is holding consolidation above $4,638, while silver experienced a rejection at resistance around $88.14, with a pullback to $83.20 likely influenced by a rising dollar index (DXY) now in the upper $98 range. US oil is consolidating sideways, targeting $107.48 with near-term support at $94.95. Natural gas (NACS) is holding support at $2.71 and resistance at $3.27. Bitcoin saw a positive catalyst as the Clarity Act passed the Senate Banking Committee, potentially classifying it as a regulated digital commodity; near-term targets are $85,500. Rocket Lab surged 67% post-earnings but faces resistance at an inclining trend line, with a retrace to $112.62 anticipated. MRVL shows RSI divergence, suggesting a potential near-term pullback to retest resistance levels around $141-$148, while AVGO hit new all-time highs and any dips could be buying opportunities, though caution is advised due to overbought conditions. Boeing's stock sold off despite the China plane deal, indicating it might be priced for perfection, with key resistance at the 50% parallel channel mark around $242.17.