Weekend Report for Monday, June 9, 2025

Weekend Report for Monday, June 9, 2025

Bottom Line:

The SPX, NDX and NYA continue to lead the charge higher and are very close to their respective ATHs.

The other indices are lagging.

Short-term breadth needs to expand or we’re likely to see some short-term retracement.

Critical downside levels that should hold under a bullish assumption are well-defined.

PDF:Weekend Report_2025_06_09
VIDEO: https://youtu.be/zSbHA1t_H9k

_______________________________________________________________________

SPX Profile

The last few weeks have been an incredible real-time lesson in “Market Profile”.

The intermediate-term profile that reflects the intermediate-term market condition added to its already extended range in last week’s trade. While new ATHs could easily be seen, if that happens it is difficult to envision upside acceleration. If new ATHs do occur in one of the indices closest to its ATH, I think it is more likely that volatility picks up that includes some level of retracement.

From last weekend’s update:

The breakout of the 5/27-5/30 Auction is probably the key to the next directional trend of several days or more.

The SPX broke to the upside, but so far we don’t have the momentum you like to see on a breakout following multi-week Balance.

SPX

Upper KRA: 6147
Lower KRAs: 5916; 5843

RSP

Upper KRAs: 180;183
Lower KRA: 176

NDX:

Upper KRAs: 21908; 22232
Lower KRA: 21464

DOW:

Upper KRAs: 42951; 45096
Lower KRA: 42190

RUT

Upper KRA: 2177
Lower KRA: 2116; 2086

New York Composite

Upper KRA: 20322
Lower KRA: 19821

VIX dropped dramatically into Friday and is now the lowest its been since last March.

NYSE Data – Internals

The 10-day and 5-day MAs of NYSE advancing issues are below their momentum peaks from earlier in the rally that began in April. Breadth needs to expand if much higher prices are going to be seen.