Markets Surge as Semis Lead Charge to All-Time Highs

Summary

US markets are gapping up significantly today, June 15th, with the S&P 500 (SPY) up 1% and the Nasdaq Composite (NQ) up 2-3%, pushing back towards all-time highs. This rally follows a strong bounce on Thursday and Friday, with semiconductors emerging as the primary leaders. Key economic events this week include Core Retail Sales on Wednesday, followed by President Trump's speech and the FOMC statement and press conference. Thursday brings unemployment claims. Last week saw the SpaceX IPO, which opened at $150 per share and moved higher, with expectations of a short-term bullish outlook followed by a potential drop in 3-6 months. On technicals, both the QQQ and SPY are bouncing off key levels like the 9 EMA on the weekly chart and the 700 level on the daily chart. The target for the QQQ is all-time highs, provided it stays above last week's highs, and for the SPY, it's also all-time highs, holding above 730. The SMH (Semiconductor ETF) is also at all-time highs, showing strong upward momentum. Individual tech names like AMD and Intel are showing significant strength, with AMD targeting all-time highs and Intel having already gained 30% from its entry point. Apple and Google are in key technical spots, with potential for reversals. Microsoft, Meta, and Amazon are currently consolidating or showing weakness. The VIX spiked to 20 last week, suggesting a good opportunity to deploy capital. Overall, the market sentiment is bullish, with a focus on semiconductors for continued upside.