Holiday Wrap-UP — Nick Santiago 6-28-23 #506

Source:
https://www.spreaker.com/user/appeal2/nick-506

1. The big news out today is coming from the semiconductor group. There is early weakness in NVIDIA (NVDA) and other chip stocks on reports that the U.S. is considering more restrictions on AI chip exports to China.
This could be important, but the trend is up in the semiconductor ETF (SMH) so this is nothing more than a pullback today.

2. There is a central bank forum taking place in Portugal this morning. Fed Chairman Powell is saying that the Fed wants two more rate hikes going forward. In my opinion, the market is not buying it yet because the fed funds rate is still above the 2-yr Treasury note yield.

3. This is the end of quarter price action so there will be some window dressing going on into the end of the week. Traders and investors should be aware of that.

4. Gold is trading slightly lower today, but it is now trending down at this time. There will be bounces but it looks weak right now. The trend on the daily chart is also down for silver, but this is likely to bottom before gold. I'll be watching this closer at lower levels for an entry.

5. Bitcoin is pulling back today after its recent surge. The daily chart is still trending higher and the upside target is still around the 32,500 area on the Bitcoin futures.