Preview of the Week Ahead: W/C June 01, 2026
SPX on a 9-week winning streak, and AI remains in the driver’s seat. But is software back?
Hope you all are having a good weekend. Below, we will be previewing the upcoming week’s events and providing a portfolio update as usual.
Format for what is covered in this weekly preview:
A Look at the Indices
Key Upcoming Economic Events
Upcoming Earnings Reports
Charts
Notable Portfolio Changes from the Previous Week
Current Portfolio Holdings
Position size, cost basis, and commentary on each holding regarding the intended holding period and any planned activity
Closing Thoughts
I recommend checking out the most recent Monthly Portfolio and Performance Update below:
Also, ensure to check out the post below regarding upcoming pricing changes plus feedback from our readers:
Indices
Dow Jones advanced 0.88% in the last week
S&P 500 advanced 1.2% in the last week
Nasdaq Composite advanced 1.97% in the last week
IWM advanced 2.17% in the last week
Key upcoming economic events
Monday, June 1
ISM Manufacturing PMI (May)
Fed Speech (Jerome Powell)
Tuesday, June 2
JOLTS Job Openings (April)
Wednesday, June 3
ADP National Employment Report (May)
ISM Services PMI (May)
The Fed’s Beige Book
Thursday, June 4
Weekly Initial Unemployment Claims
Factory Orders (April)
Friday, June 5
May Employment Situation Report (”Jobs Friday”)
Fed Quiet Period Begins
Upcoming Earnings
Below is the infographic by Earnings Whispers highlighting the schedule for this week:
Charts
SPX
Currently trades at 7,580.06, 7.39% above the 50SMA and 10.97% above the 200SMA.
RSI 73.53
10.52% YTD
Distribution days in the last week: 0
The SPX had a strong close to the week, closing at new highs. There were no distribution days this week.
COMPQ
Currently trades at 26,972627, 11.05% above the 50SMA and 16.29% above the 200SMA.
RSI 73.92
16.08% YTD
Distribution days in the last week: 0
The Nasdaq Composite remains strong, with an all time high close to end the week. It remains extended, currently trading 11.05% above its 50-day SMA
BTC (currently Long)
Currently trades at $73,844.13, 4.4% below the 50SMA and 7.15% below the 200SMA.
RSI 37.78
-16.82% YTD.
Since testing the 200-week moving average on Thursday, February 5th, Bitcoin has traded primarily within the $63,000–$70,000 range.
The U.S. Senate Banking Committee advanced the Digital Asset Market Clarity Act to the full Senate in a bipartisan 15–9 vote a couple of weeks ago. Yet, despite this regulatory progress, BTC was rejected at its 200-day moving average and now remains below all key moving averages.
As of Sunday 01:50 BST, BTC is trading above its 5EMA and 50SMA; however, it remains below the 200 day moving average. It is now also trading below the $74,000 level though, a level which I previously noted as a key area. Bulls would want to see this flipped.
EEM
Currently trades at $68.6, 9.74% above the 50SMA and 20.69% above the 200SMA
RSI 64.82
+21.98% YTD
EEM remains in a strong uptrend and continues to outperform U.S. indices comfortably year-to-date by more than 1000 bps. It has bounced remarkably from the late March lows.
It did lose the 21-day EMA earlier last week though has reclaimed that again. Below this, the levels to watch for pullback buys are the SMA 50 at 62.55 and then the $55/56 level (horizontal support and SMA 200). I would not expect it to trade as low as $55 again unless there are significant disturbances in the Middle East.
I believe EEM could be setting up for multi-year outperformance; hence, I continue to watch it closely.
GOLD (Long Physical)
Currently trades at $4538.94, 2.00% below the 50SMA and 3.74% above the 200SMA
RSI 44.55
5.00% YTD
Gold remains in a well defined uptrend, though it it is below the EMA 20 and SMA 50. The overhead SMA 50 has continues to serve as a strong resistance level and this week the 200 day moving average was tested, it held. I had planned to add to my gold position there but did not get the chance.
NVDA
Currently trades at $211.14, 5.91% above the 50SMA and 12.52% above the 200SMA
RSI 67.32
11.81% YTD
NVDA was featured a few weeks ago when it was trading at $208, at which time I had written that a move above 212.19 could see it trading at 240. NVDA did trade as high as 240.00 2 weeks ago Friday to complete the measured move.
Since its Q1 print, NVDA has pulled back to test the 21-day EMA, though it ultimately lost that level on Friday. Below this, the 50-day SMA at 199.35 may serve as a high risk-reward level to add.
NOW (Currently Long in Investing account at ~$94)
Currently trades at $124.37, 27.38% above the 50SMA and 12.09% below the 200SMA
RSI 73.58
-15.65% YTD
Last week I had written:
NOW has caught some investor attention recently. Insiders have been buying, and Jensen Huang has been praising the company, but it was revealed Trump personally owns this stock, accumulating it between February and March. This week, the 5-day EMA has flipped above the 20-day EMA, and the stock has reclaimed the 50-day SMA for the first time in almost a year. The stock will have to defend this level now. On the upside, I see ~125 as the first area of interest, followed by the overhead 200-day moving average.
This week we did reach $125 and in fact the stock closed the post market session at closer to $130. Next up will be the 200 day moving average at $141.
AAOI
Currently trades at $158.41, 7.05% above the 50SMA and 140.2% above the 200SMA
RSI 46.81
300.03% YTD
AAOI is a company that designs and manufactures advanced optical networking hardware. It has been a huge winner YTD, though in recent days the stock has pulled back, a pattern other optics names have also demonstrated.
It did lose its 21-day EMA recently, and the 50-day SMA may be an interesting level to watch for a pullback buy (see arrow).
Important: I will feature several other Trading ideas in the Watchlist Snapshot post, so keep a look out for that post later.
Recent weeks post (link below) have had countless positions responding to key levels and running sharply such as:
ASTS 74 to 130
FLY 32 to 62
NOK 12.4 to 16
RBRK 60 to 78
CIFR 18 to 25
USAR 19 to 28
ORCL 160 to 225
S&P 500 Percentage of Stocks Above the 50 Day Moving Average: Currently 54.4
Breadth slightly declined this week, with the percentage of stocks above the 50-day moving average declining from 58% to 54%.
Notable portfolio changes in previous week (all updated live in subscriber channels):
