The week of June 4 won’t have the economic headlines like last weeks Jobs report, but it doesn’t mean it will be a bore. The focus will still be on the progress of trade talks between the US and pretty much the rest of the developed world. But as we have been discussing the rotation in the market appears to continue to favor the technology, biotech, and consumer discretionary stocks, and that should continue this week.

Just which way the market goes this week may just come down to a handful of stocks, with mega caps Apple, Microsoft, Alphabet, Facebook, Amazon still very much in charge.

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The Stock Charts To Watch For The Week of June 4

AMZN

Amazon broke out last week, and now support for the stock has shifted up to $1,620. As long as the stock continues to remain above that price, there is only one direction for Amazon to go and that is up, and I as noted earlier in the week it could be heading towards for $1,840.

GOOGL

Alphabet had an intense week, and should it rise above $1,150 chances are it has much further to climb, up towards $1,180 for starters.

MSFT

Microsoft is also rising, and a move towards $104 seems to be coming.

FB

It was two months ago, when Facebook was left for dead, and now here we are sitting on the doorsteps of an all-time high.

AAPL

Apple didn’t participate much last week, but this week it looks like it is ready too, and a move to $200 is coming.

NFLX

Netflix’s stock has been killing it all year, and a move towards $390 is in the works.

NVDA

Nvidia is nearing a break out that might send it towards $280.

SGEN

Seattle Genetics did something it hasn’t done in years, and that is a breakout, rising above a multi-year downtrend. The next level of resistnace comes at $69.50.

AMGN

Amgen looks like it might be on its way towards $190.

GILD

Gilead on to $72.

BABA

Looks like Baba may be breaking out too, and that means a jump to $220 may be on the way.

RUT

The small caps have clearly broken out as well.

The Ugliest Chart Around

And then there are Financials, with one of the ugliest charts around, looking for a move to about $25 on the XLF.

Good Luck This week!

-Mike

Photo credit via Flickr

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