Market Overview
Stocks mostly fell on Thursday because weak performance in the technology sector pulled the markets down. This weakness was mainly due to disappointing guidance from Salesforce, which announced its quarterly results after the market closed the previous day.
Outside of major tech stocks, the markets did fairly well. Every sector in the S&P 500 rose except for technology and communication services, with utilities and real estate performing the best. Additionally, mid-cap and small-cap U.S. stocks saw strong gains.
Bond yields dropped, with the 10-year Treasury yield falling to about 4.55%. This decline followed a downward revision of the first-quarter real GDP data, showing the economy grew at 1.3% instead of the initially estimated 1.6%.
In international markets, Asian stocks fell overnight, while European stocks rose due to a better economic sentiment reading in the eurozone compared to the previous month. In commodities, oil prices fell to around $78 per barrel, and gold prices remained stable.
Market Indexes and Winners
Good Stock Set Ups
STOCK SETUP: XLP @06/01/2024
| Ticker | XLP, Consumer Staples Select Sector SPDR | Note |
| Last Price | 77.34 | |
| Buy | 77.34 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 85.07 | Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level |
| Stop | 74.63 | |
| Reward/Risk | 2.85 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for XLP @06/01/2024
| ATR (14) | 0.75 | Stop can be set at 1xATR below recent low |
| Beta | 0.59 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 55.99 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 0.42% | Distance to SMA20 |
| SMA50 | 2.08% | Distance to SMA50 |
| Recommendation | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. XLP is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
STOCK SETUP: MMM @06/01/2024
| Ticker | MMM, 3M Co. | Note |
| Last Price | 100.14 | |
| Buy | 100.14 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 110.15 | Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level |
| Stop | 96.24 | |
| Reward/Risk | 2.57 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for MMM @06/01/2024
| ATR (14) | 2.02 | Stop can be set at 1xATR below recent low |
| Beta | 0.95 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 56.50 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 0.48% | Distance to SMA20 |
| SMA50 | 5.61% | Distance to SMA50 |
| Recommendation | 2.59 | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. MMM is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
STOCK SETUP: OKE @06/01/2024
| Ticker | OKE, Oneok Inc. | Note |
| Last Price | 81.00 | |
| Buy | 81.00 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 89.1 | Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level |
| Stop | 78.34 | |
| Reward/Risk | 3.05 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for OKE @06/01/2024
| ATR (14) | 1.22 | Stop can be set at 1xATR below recent low |
| Beta | 1.62 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 53.60 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 0.78% | Distance to SMA20 |
| SMA50 | 1.51% | Distance to SMA50 |
| Recommendation | 2.18 | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. OKE is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
STOCK SETUP: AM @06/01/2024
| Ticker | AM, Antero Midstream Corp | Note |
| Last Price | 14.65 | |
| Buy | 14.65 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 16.12 | Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level |
| Stop | 14.07 | |
| Reward/Risk | 2.54 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for AM @06/01/2024
| ATR (14) | 0.21 | Stop can be set at 1xATR below recent low |
| Beta | 2.20 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 58.20 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 1.14% | Distance to SMA20 |
| SMA50 | 3.24% | Distance to SMA50 |
| Recommendation | 3.11 | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. AM is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
STOCK SETUP: KMI @06/01/2024
| Ticker | KMI, Kinder Morgan Inc | Note |
| Last Price | 19.49 | |
| Buy | 19.49 | Limit Order This is generated by our mechanical trading system. Please read the chart section for more detailed and flexible entry options. |
| Target | 21.44 | Default at 10%, Or Sell when close below ma5(short term)/10(midterm)/20(long term) or when big down day or when formed inverted hammer at a resistance level |
| Stop | 18.62 | |
| Reward/Risk | 2.24 : 1 |
Above is the summary of one of our Stocks Buy Setup.
More Technical Status for KMI @06/01/2024
| ATR (14) | 0.28 | Stop can be set at 1xATR below recent low |
| Beta | 0.91 | Beta measure of a stock’s volatility in relation to SP500. Greater than 1.0 means more risky than SP500 |
| RSI(14) | 61.13 | Greater than 50 means bullish. Crossing above 30 in correction is a good buydip too |
| SMA20 | 1.83% | Distance to SMA20 |
| SMA50 | 4.48% | Distance to SMA50 |
| Recommendation | 2.52 | Analysts’ mean recommendation (1=Buy 5=Sell) |
Our system generated several buy signals today. KMI is one of them. Let’s take a look at this stock’s chart (The first chart below is a live chart).
Past Picks
XRT is approaching to $80 level pretty soon. You can set up a sell stop order on $80 to capture your profit if you already have position.