Preview of the Week Ahead: W/C June 08, 2026
SPX snaps its 9-week winning streak, more pain ahead?
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 am looking to buy)
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 declined 0.08% in the last week
S&P 500 declined 2.5% in the last week
Nasdaq Composite declined 4.58% in the last week
IWM declined 2.14% in the last week
Key upcoming economic events
Monday, June 8
CB Employment Trends Index (May)
NY Fed 1-Year Consumer Inflation Expectations: Reflects consumer sentiment regarding forward-looking price pressures.
Tuesday, June 9
NFIB Business Optimism Index (May)
Balance of Trade (April)
Existing Home Sales (May)
Wednesday, June 10
Consumer Price Index / CPI (May): High Impact.
Thursday, June 11
Producer Price Index / PPI (May)
Initial Jobless Claims
Friday, June 12
University of Michigan Consumer Sentiment (June - Preliminary)
Upcoming Earnings
Below is the infographic by Earnings Whispers highlighting the schedule for this week:
Charts
SPX
Currently trades at 7,383.74, 3.18% above the 50SMA and 7.66% above the 200SMA.
RSI 48.77
7.66% YTD
Distribution days in the last week: 2
The SPX had a very weak close to the week, closing down 2.64%. There were also two distribution days this week.
COMPQ
Currently trades at 25,709.43, 3.78% above the 50SMA and 10.24% above the 200SMA.
RSI 73.92
10.65% YTD
Distribution days in the last week: 0
The Nasdaq Composite like the S&P had a very weak close to the week, closing down 4.18% on Friday. There was one distribution day this week.
BTC (currently Long)
Currently trades at $60,744.84, 20% below the 50SMA and 22.7% below the 200SMA.
RSI 15.4
-31.55% 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 is now back at the 200-week moving average.
As of Saturday, June 6th at 23:04 BST, BTC is trading below all key moving averages, including the 200-week moving average. From a technical perspective, Bitcoin looks especially weak right now. Bulls would want to see the 200-week MA hold, and then a reclaim of near-term moving averages.
EEM
Currently trades at $64.59, 1.38% above the 50SMA and 12.67% above the 200SMA
RSI 43.27
+14.85% YTD
EEM remains in a strong uptrend and continues to outperform U.S. indices comfortably year-to-date by more than 700 bps.
It did lose the 21-day EMA earlier this week and will likely re-test the 50-day SMA if any weakness remains. Below that, the key levels to watch for pullback buys are around $55–$56 (where horizontal support aligns with the 200-day SMA). 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 $4327.57, 6.43% below the 50SMA and 1.71% below the 200SMA
RSI 44.55
0.11% YTD
Gold closed down 3.29% on Friday, losing it’s 200 day Moving Average in the process. The 4100 level below becomes an area of interest, otherwise bulls would like to see key moving averages above reclaimed.
NVDA (Currently Long)
Currently trades at $205.1, 0.93% above the 50SMA and 8.9% above the 200SMA
RSI 44.01
8.74% YTD
NVDA was featured a few weeks ago when it was trading at $208, at which time I wrote that a move above $212.19 could see it trading at $240. NVDA did trade as high as $240.00 two weeks ago on Friday to complete the measured move.
However, since its Q1 print, NVDA has pulled back and was down over 6% on Friday to test its 50-day SMA. Below that, the 200-day SMA at $188.34 may serve as a high risk-reward level to add exposure. At that price, the forward P/E would drop below 14x.
SOXX
Currently trades at $539.77, 16.73% above the 50SMA and 56.75% above the 200SMA
RSI 52.89
72.18% YTD
SOXX sold off on almost three times its normal volume on Friday. Interestingly, the last time this level of selling occurred for the SOXX was on October 10th, which marked the beginning of the correction for many AI stocks. Bulls would want to see the 21 day regained.
NOW (Currently Long in Investing account at ~$94)
Currently trades at $112.45, 13.52% above the 50SMA and 19.78% below the 200SMA
RSI 54.53
-23.74% YTD
Recently 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, NOW did trade as high as $138, though it was rejected at the descending 200-day moving average. NOW needs to hold the $109/$110 level, which aligns with the 21 EMA and would also serve as a gap fill; so, it is an important level to hold. If held, I see the 200-day moving average as the next target above.
AAOI
Currently trades at $177, 12.92% above the 50SMA and 152.38% above the 200SMA
RSI 46.81
346.97% YTD
AAOI is a company that designs and manufactures advanced optical networking hardware. It has been a huge winner YTD, though in recent weeks 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 will 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 30
ORCL 160 to 225
S&P 500 Percentage of Stocks Above the 50 Day Moving Average: Currently 54.6%
Breadth stayed static this week, with the percentage of stocks above the 50-day moving average staying at 54%.
Notable portfolio changes in previous week (all updated live in subscriber channels):
