The Bottom Line:
- Lori begins her pre-market show early to prepare herself and greet participants.
- Key focus on Newmont Mining’s performance, highlighting important technical levels and trends.
- Discussion on other market movements including General Motors’ $6 billion buyback announcement.
- Insights into the impact of upcoming events such as CPI and FOMC on market behavior.
- Technical analysis strategies shared for navigating potential inside days and key market setups.
Early Start with Lori: Preparing and Greeting Participants
Engagement and Preparation with Participants
Good morning pregame crew, how are you? Thank you for being here on this Tuesday, June 11th, 2024. It is 6:22 a.m. Mountain Time, 8:22 a.m. Eastern Time. Welcome to the show! This is a time for me to get started before 8:30 a.m. Eastern, allowing my brain to connect with my mouth and warm up my speaking muscles.
Greeting Participants and Market Updates
As I greet my friends and check the audio-visual setup, I make note of some key market updates and engage with participants about various stocks and market movements. From discussions on Newmont Mining and GDX technical analysis to insights on MST and General Motors announcements, the conversation covers a range of topics important to traders.
Technical Analysis and Trading Strategies
Delving into charts and analysis, I discuss potential scenarios for the day ahead, focusing on inside bars, retrace levels, and the interplay between different indicators such as VIX and stock prices. By sharing observations on ES D NASDAQ, I aim to guide participants in navigating the market dynamics and staying cautious during potentially choppy trading sessions.
Newmont Mining Performance: Technical Levels and Trends to Watch
Insights on Newmont Mining Performance and Technical Analysis
Newmont Mining is showing promising technical levels and trends to watch closely. With potential signs of a double bottom around $40 and a bounce from the daily 50-day Moving Average (MA), it appears to be in a more favorable position compared to GDX which lost the 50 MA. Maintaining the $40 support is crucial, with a possible target at $38.51 if that level is breached.
Key Analysis on Newmont Mining and Future Expectations
Regarding recent developments, Newmont Mining received FDA approval and closed with a daily inside bar. While the Relative Strength Index (RSI) remains elevated, following news-driven rallies, it might be wise to exercise caution and wait for potential oversold conditions during regular trading hours before considering entry points.
Strategies and Recommendations for Newmont Mining Trading
Exploring potential scenarios, keeping an eye out for a 4-hour higher low and a daily higher low seems more likely. There is a gap at $39.99, but not all gaps need to be filled immediately. It would be prudent to anticipate a pullback for a safer entry point and lookout for signs of establishing a new weekly higher low for a more sustained bullish trend. Consider utilizing effective risk management strategies to navigate the market dynamics effectively.
Market Movements: General Motors’ $6 Billion Buyback Announcement
Market Update: General Motors’ $6 Billion Buyback Announcement
General Motors made a significant move by announcing a $6 billion buyback program. This announcement came on the heels of breaking through a key resistance level at $46, marking a bullish breakout and confirming a monthly bull flag pattern. The stock’s outlook appears positive post this development.
Technical Analysis Insights on General Motors
Following the buyback news, it’s advisable to closely monitor General Motors for potential entry points. Waiting for a pullback or a consolidation phase before considering a long position might be a prudent approach. Look for signs of a stair-step pattern, which can indicate a healthier and sustainable uptrend.
Trading Strategies and Recommendations for General Motors
Depending on your preferred trading style, consider waiting for a clear signal like a two-minute or five-minute higher low, tightening patterns, or inside bars to confirm a favorable entry point in General Motors. Being cautious and patient in your approach can help capture potential upside momentum while minimizing risk exposure in this evolving market scenario.
Upcoming Events: CPI and FOMC Impact on Market Behavior
Discussion on Market Impact from Upcoming CPI and FOMC Events
As we anticipate significant market events such as the CPI and FOMC announcements, it is crucial to be aware of their potential impact on market behavior. These events often lead to increased volatility and uncertainty as investors await key economic data and policy decisions.
Analysis of Potential Market Scenarios Post CPI and FOMC Releases
Following the CPI and FOMC reports, market participants may adopt a cautious approach, with many staying on the sidelines until there is more clarity on the economic indicators and the Federal Reserve’s stance. This could result in a period of consolidation or range-bound trading as traders assess the new information and its implications for future market trends.
Recommendations for Navigating Market Volatility Surrounding CPI and FOMC Events
To navigate the potential volatility stemming from the CPI and FOMC impact, it may be prudent to exercise patience and avoid making hasty decisions. Traders could consider tightening risk management protocols, staying informed about economic developments, and adjusting their strategies based on the evolving market conditions post these key events.
Technical Analysis Strategies for Inside Days and Key Market Setups
Exploring Technical Strategies for Inside Days and Market Setups
Discussing the technical analysis strategies for inside days and key market setups reveals valuable insights into potential trading opportunities. By analyzing charts and trends while considering indicators like VIX and retracement levels, traders can navigate choppy market conditions more effectively.
Insights on Stock Performance and Trade Recommendations
Delving into specific stock performances like Newmont Mining and General Motors offers traders a chance to identify potential entry points and anticipate market movements. Understanding the significance of key levels, gaps, and news-driven rallies can aid in formulating successful trading strategies.
Preparing for Market Events and Economic Impact
As traders prepare for upcoming events such as CPI and FOMC releases, it is essential to be mindful of how these factors can influence market behavior. By staying informed, exercising caution, and adapting risk management protocols, traders can effectively navigate through periods of heightened volatility and uncertainty post major economic announcements.
