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A leaked Defense Intelligence Agency report is casting doubt on President Donald Trump’s claim that recent U.S. airstrikes ‘completely and totally obliterated’ three Iranian nuclear facilities, instead concluding the mission only set back Iran’s program by several months.

The report, published by CNN and The New York Times, comes just days after Trump approved the strikes amid escalating tensions between Israel and Iran. In a national address immediately following the operation, Trump declared the sites ‘completely and totally obliterated.’ 

While members of the Trump administration have waged a new war to discredit the initial report from the Pentagon’s Defense Intelligence Agency, multiple experts told Fox News Digital that there is too little information available right now to accurately determine how much damage the strikes did. 

Piecing together a thorough intelligence assessment is complex and time-consuming, they said. 

Dan Shapiro, who previously served as the deputy assistant secretary of Defense for the Middle East and the U.S. ambassador to Israel, said he didn’t put a lot of stock in both overly pessimistic or overly optimistic assessments that emerged quickly, and said that the initial assessment from DIA was likely only based on satellite imagery. 

‘That’s one piece of the puzzle of how you would really make this assessment,’ Shapiro, now a senior fellow at the Atlantic Council, told Fox News Digital. ‘You’d really want to have to test all the other streams of intelligence, from signals intelligence, human intelligence, other forms of monitoring the site, potentially visits by International Atomic Energy Agency inspectors, potentially visits by other people. So that’s going to take days to weeks to get a real assessment.’ 

‘But I think it’s likely that if the munitions performed as expected, that significant damage was done, and would set back the program significantly,’ Shapiro said. 

Gen. Dan Caine, Chairman of the Joint Chiefs of Staff, said Sunday that initial battle damage assessments suggested ‘all three sites sustained extremely severe damage and destruction,’ but he acknowledged that a final assessment would ‘take some time.’ 

Still, media reports based on the DIA report painted a different picture, and CNN’s reporting on the initial report said that Iran’s stash of enriched uranium was not destroyed in the strikes, citing seven people who had been briefed on the report. The findings were based on a battle damage assessment from U.S. Central Command, according to CNN. 

Other members of the Trump administration, including Secretary of Defense Pete Hegseth, have subsequently pushed back on the DIA report’s conclusions, claiming that the report was labeled ‘low confidence.’ 

The term is commonly used when labeling initial assessments, and means that conclusions are based on limited data, according to experts. 

Retired Navy Rear Adm. Mark Montgomery, who previously served as the director for transnational threats at the National Security Council for former President Bill Clinton, said the low confidence description is commonly used in early assessments. 

‘Low confidence means the analyst is not sure of the accuracy of their assessment,’ said Montgomery, now a senior fellow at the Washington think tank the Foundation for the Defense of Democracies. ‘This is frequent when with a Quick Look 24-hour assessment like this one.’

Montgomery’s colleague, Craig Singleton, also a senior fellow with the Foundation for Defense of Democracies, said that the low confidence label is used in cases with thin evidence and serves as a warning to policy-makers to seek additional information. 

‘Most importantly, low confidence assessments are usually issued when key facts have yet to be verified, which certainly applies in this case,’ Singleton said.

Rob Greenway, former deputy assistant to the president on Trump’s National Security Council, told Fox News Digital that it will take one or two months to get a more thorough assessment with higher confidence. 

Greenway also said that the strikes were designed to create damage underground, which will complicate the assessment of damage, because it is not immediately available and will require multiple sources of intelligence, such as signals or human intelligence, to draw conclusions. 

Israel had also previously conducted strikes targeting the sites, adding to the web of analysis that must be evaluated, Greenway said. 

‘Each of these are one piece of a much larger puzzle, and you’re trying to gauge the ultimate effect of the entirety of the puzzle, not just one particular strike,’ said Greenway, now the director of the Allison Center for National Security at The Heritage Foundation. ‘All of that means it’s going to take time in order to do it.’ 

Even so, Greenway said that the amount of ordnance dropped on the sites – including more than 14 30,000-lb. bombs – means that the targeted facilities have been so heavily compromised they are no longer serviceable. 

‘We were putting twice the amount of ordnance required to achieve the desired effect, just to make sure that we didn’t have to go back,’ Greenway said. 

‘There’s virtually no mathematical probability in which either facility can be used again by Iran for the intended purpose, if at all, which again means that everything now is within Israel’s capability to strike if that’s required,’ Greenway said. 

And Michael Allen, a former National Security Council senior director in the George W. Bush administration, said that even though a final judgment from the intelligence community won’t be ready soon, the intelligence portrait will become ‘richer’ in the coming days. 

‘Stuff is pouring in, and we’re out there collecting it, and they’re trying to hustle it to the White House as soon as possible,’ Allen, now the managing director of advisory firm Beacon Global Strategies, told Fox News Digital. 

White House press secretary Karoline Leavitt told reporters that very few people had access to this report, and those who leaked it to the media will be held accountable as the FBI investigates who shared the document with the press. 

‘That person was irresponsible with it,’ Leavitt told reporters Thursday. ‘And we need to get to the bottom of it. And we need to strengthen that process to protect our national security and protect the American public.’

This post appeared first on FOX NEWS

The top Democrat in the Senate plans to inflict maximum pain on Senate Republicans in their march to pass President Donald Trump’s ‘big, beautiful bill’ before lawmakers even get a chance to debate the legislative behemoth.

Indeed, Senate Minority Leader Chuck Schumer, D-N.Y., said he’ll force clerks on the Senate floor to read the entirety of the GOP’s 940-page megabill. His move to drain as much time as possible came after Republicans vote on a key procedural test to open debate on the legislation.

‘I will object to Republicans moving forward on their Big, Ugly Bill without reading it on the Senate floor,’ Schumer said on X. ‘Republicans won’t tell America what’s in the bill

‘So Democrats are forcing it to be read start to finish on the floor,’ he said. ‘We will be here all night if that’s what it takes to read it.’

Indeed, staffers were seen carting the bill onto the Senate floor in preparation for the all-night read-a-thon.

Schumer’s move is expected to take up to 15 hours and is designed to allow Senate Democrats more time to parse through the myriad provisions within the massive legislative text. Ultimately, it will prove a smokescreen as Senate Republicans will continue to march toward a final vote.

Once the bill reading is done, 20 hours of debate evenly divided between Democrats and Republicans will begin, likely early Sunday morning. Democrats are expected to use their entire 10-hour chunk, while Republicans will go far under their allotted time.

Then comes the ‘vote-a-rama’ process, where lawmakers can offer an unlimited number of amendments to the bill.

Democrats will again look to extract as much pain as possible during that process, while Republicans, particularly senators that have lingering issues with key Medicaid and land sale provisions, will continue to try and shape and mold the bill.

The last time clerks were forced to read the entirety of a bill during the budget reconciliation process was in 2021, when Senate Democrats held the majority in the upper chamber.

At the time, Sen. Ron Johnson, R-Wis., demanded that the entire, over-600-page American Rescue Act be read aloud. Schumer, who was the Senate Majority Leader attempting to ram then-President Joe Biden’s agenda through the upper chamber, objected to the reading. 

This post appeared first on FOX NEWS

It was a week of downward momentum for the gold price.

The yellow metal neared the US$3,400 per ounce level on Monday (June 23) as investors reacted to the weekend’s escalation in tensions in the Middle East, but sank to just above US$3,300 the next day.

The decline came as US President Donald Trump announced that Israel and Iran had agreed to a ceasefire. While the ceasefire has not gone entirely smoothly, with Trump expressing displeasure about violations, the news appeared to calm investors.

Gold’s safe-haven appeal took another hit toward the end of the week, when Trump said late on Thursday (June 26) that the US had signed a trade deal with China. Although details remain scarce — China’s commerce ministry confirmed the arrangement, but said little else — the gold price dropped on the news, closing Friday (June 27) at about US$3,274.

It was a different story for other precious metals this week.

Silver enjoyed an uptick, rising as high as US$36.79 per ounce before pulling back to the US$36 level. Whether it can continue breaking higher remains to be seen, but many experts are optimistic.

In fact, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said that right now he’s perhaps more excited about silver than he is about gold. Here’s how he explained it:

There’s not a lot of new production coming on stream, just because most silver comes as a by-product from lead, zinc and copper mines — more than half of silver. And we’re just not seeing the investment into the base metals space that we need to sustain that production and grow that production.

As excited as I am about gold, I think silver’s got a few more fundamentals behind it that make it a pretty exciting time to be watching silver … silver’s got some catching up to do with respect to what gold’s done over the last few years.’

Watch the full interview with Smallwood for more on silver, as well as gold and platinum.

Speaking of platinum, it was also on the move this week, rising above US$1,400 per ounce.

The move has turned heads — despite a persistent supply deficit, platinum has spent years trading in a fairly tight range, and it hasn’t crossed US$1,400 since 2014.

Recent trends supporting platinum’s move include a shift toward platinum jewelry due to the high cost of gold, as well as larger platinum imports to the US earlier this year when tariff uncertainty was heating up. At the same time, miners have faced challenges.

‘This has led to tight forward market conditions,’ said Jonathan Butler of Mitsubishi (TSE:8058), ‘with a deep backwardation across the curve.’ In his view, these conditions will continue providing support for the precious metal in the coming weeks.

Bullet briefing — Gold repatriation, Rule Symposium

Germany, Italy to repatriate gold?

Germany and Italy are facing calls to bring home gold stored in the US.

According to the Financial Times, politicians and economists in the two countries are pushing for repatriation as a result of global geopolitical uncertainty, as well as concerns about Trump’s potential influence on the Federal Reserve as he continues to criticize Chair Jerome Powell.

‘We are very concerned about Trump tampering with the Federal Reserve Bank’s independence. Our recommendation is to bring the (German and Italian) gold home to ensure European central banks have unlimited control over it at any given point in time’ — Michael Jäger, Taxpayers Association of Europe

The news outlet calculates that German and Italian gold held in the US has a total value of about US$245 billion. Market participants agree that it would be a blow to relations with America if the countries were to bring their gold home at this time.

At least for now they seem unlikely to do so — although Italy’s central bank hasn’t commented, Germany’s Bundesbank said it sees the New York Fed as ‘trustworthy and reliable.’

Send your questions for the Rule Symposium

The Rule Symposium runs in Boca Raton, Florida, from July 7 to 11, and I’ll be heading there to interview Rick Rule, as well as Adrian Day, Lobo Tiggre, Andy Schectman, Dr. Nomi Prins and more.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Chartists can improve their odds and increase the number of opportunities by trading short-term bullish setups within bigger uptrends. The first order of business is to identify the long-term trend using a trend-following indicator. Second, chartist can turn to more granular analysis to find short-term bullish setups. Today’s example will use the Cloud Computing ETF (SKYY).

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, which has over a dozen reports. These cover the Zweig Breadth Thrust, trend-following signals, trailing stops and finding bullish setups. Check it out!

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The bears are now left grasping at straws. What about tariffs? What about inflation? What about recession? What about the Fed? What about interest rates? What about the Middle East? What about the deficits? Blah, blah, blah.

When it comes to the media, you need to bury your head in the sand. Actually, take your head out of the sand and bury it in the charts. That’s where you’ll find the truth.

I said all-time highs were coming back at the April low and here we are. The S&P 500 has set a new all-time record high today and, barring a significant afternoon decline, will set its all-time closing high above the previous closing high of 6144, which was set on February 19, 2025. This new high comes just as we begin to prepare for Q2 earnings season. The run up to earnings season is generally and historically quite strong, so get ready for more highs ahead.

Since 1950, the S&P 500 has produced annualized returns of nearly 27% during the period June 28th through July 17th. This annualized pre-earnings run is nearly triple the average S&P 500 annual return of 9% since 1950. Care to guess how the NASDAQ and Russell 2000 have fared during this bullish pre-earnings period?

  • NASDAQ: +38.67%
  • Russell 2000 (IWM): +32.61% (bullish period ends July 15th for small caps)

Clearly, the bulls have the historical advantage for the next 3 weeks. Technically, evidence began turning in the bulls’ favor in mid-March, despite the last big move lower in early April. I have the research to back that up and will discuss it at an event on Saturday (more details below). While the stock market was rapidly declining in April, Wall Street was happily stealing everyone’s shares during the panicked selloff.

Technical Strength

Two of the most important industry groups to follow are semiconductors ($DJUSSC) and software ($DJUSSW). These two groups are among the most influential in terms of driving the S&P 500 higher. Check out both of these charts and be sure to check out both the absolute and relative strength currently.

Semiconductors:

Software:

Now I’m going to provide charts of these same two groups, but this time show you how positively they correlate to the S&P 500’s direction over the course of this century.

Semiconductors:

Software:

Honestly, you don’t need a PhD in Economics to understand the above charts. It’s really quite simple. When semiconductors and software are rallying to new highs and showing relative strength, BUY U.S. stocks! They both have extremely tight positive correlation with the S&P 500 and they both look very technically sound right now.

Interest Rate Cut

It’s coming and it’s coming fast! I’m now convinced that the Fed will cut the fed funds rate in a month at their next scheduled meeting on July 29-30. I’m not saying it because I feel the Fed should cut or needs to cut. I’m saying it because there’s a ton of buying right now in the 1-month treasury, sending its yield down. The 1-month treasury yield ($UST1M) typically begins to move BEFORE any Fed action occurs. We saw it back in August/September 2024, just prior to the 50 basis point cut at the September 2024 meeting:

The black directional lines in the bottom panel mark approximately the date that the Fed lowered the fed funds rate. The red directional lines in the top panel highlight the downward movement in the $UST1M PRIOR to the Fed’s lowering roughly a month later. Again, I’m not making this stuff up. The charts are telling me a story here and the current story is that rates are about to come down.

Checkmate bears.

Follow the charts, not the media!

The Game

I’m beginning to believe that capitulation is nothing more than a staged event for the Wall Street elite and we’re the panicked pawns running around with our hair on fire. Those days are over for EarningsBeats.com members. We saw this one coming, just like we saw it coming in 2022. Getting out at the top with the Wall Street elite and getting back in at the bottom before them is an excellent recipe for beating the S&P 500 by a mile!

Learning is the key. We focus on market research, guidance, and education at EarningsBeats.com. Those are our 3 pillars of business. Calling the 2025 market top wasn’t a coincidence. We’ve done it before and we’ll do it again. Jumping back in near the bottom was no coincidence either. Our signals are proven and they work.

On Saturday morning at 10:00am ET, we’re hosting a FREE educational event, “Trading the Truth: How Market Manipulation Creates Opportunity”. I’m going to show everyone the “play-by-play” of how we were able to move to cash BEFORE the market top and back into stocks NEAR the market bottom. Market tops form with many of the same signals each time. To learn more about this event and to register with your name and email address, CLICK HERE.

If you’ve struggled with all the uncertainty in 2025 and haven’t trusted stocks, it’s time that you change your process and strategies. I’ll see you on Saturday!

Happy trading!

Tom

If you’ve looked at enough charts over time, you start to recognize classic patterns that often appear. From head-and-shoulders tops to cup-and-handle patterns, they almost jump off the page when you bring up the chart. I would definitely include Fibonacci Retracements on that list, because before I ever bring up the Fibonacci tool on StockCharts, I’m pretty confident the levels are going to line up well with the price action.

Today, we’re going to look at a breakout name that shows why Fibonacci Retracements can be so valuable for confirming upside potential. We’ll also explain some best practices for identifying the most important price levels to use when setting up a Fibonacci framework. Finally, we’ll show how Fibonacci analysis could have helped you validate the current uptrend phase for the S&P 500 index.

Confirming Breakouts: Norwegian Cruise Line Holdings (NCLH)

I started dropping quite a few Fibonacci Retracements on price charts soon after the April 7, 2025 market low. As stocks experienced a sudden and severe bounce off those lows, it became clear that we would need some way to validate a potential upside swing. That helped me zero in on the $20 level for Norwegian (NCLH), a level which was finally eclipsed this week.

Using the January high and the April low, we can see a 38.2% Fibonacci level come in right around $20. A gap higher in mid-May took NCLH close to that level, which was then retested again in early June. After bouncing off the 50-day moving average last week, Norwegian finally pushed above this first Fibonacci resistance level with Friday’s rally.

One of the ways we can differentiate between a “dead cat bounce” off a major low and the beginning of a much larger recovery phase is to key in on the first Fibonacci retracement level. If the price can push above this initial upside target, ideally on heavier than normal volume, then the chances of further upside are significantly increased.

In the case of NCLH, we can now bump up a price target to further Fibonacci levels. The 50% line, just below $20, lines up fairly well with the 200-day moving average. The 61.8% comes in right around $23.50, which represents my next upside target, assuming this week’s strength is confirmed by a follow-through day next week.

Identifying Pullbacks: Raytheon Technologies (RTX)

We can also use Fibonacci Retracements to identify downside targets after a major price peak. In the case of Raytheon Technologies (RTX), that means we use the April low and the high from mid-June to generate potential support levels.

In this case, we can see that the Fibonacci retracement levels line up very well with traditional support levels using the price action itself. The 38.2% level lines up with the mid-June low around $135, which also coordinates with the 50-day moving average. Beyond that support, the 50% level sits right at the late May low at $131, and the 61.8% level comes in right around the early May support at $126.

Given an initial pullback from the June peak around $149, I’m seeing strong potential support at the 38.2% level and 50-day moving average around $135. Now I can use Fibonacci levels to better define my risk vs. reward, showing how much downside action I’d anticipate while still keeping an eye on a return to the previous all-time highs.

Validating Uptrends: The S&P 500 Index ($SPX)

Sometimes Fibonacci Retracements are valuable in that they help validate that an uptrend is progressing with a decent pace. For the S&P 500 chart, every break of a Fibonacci resistance level has confirmed the strength of the broad market indexes off the April low.

It took only two sessions for the SPX to break above the 38.2% retracement of the February to April downtrend phase. In fact, the S&P almost reached the 50% level before pulling back to around 5100 in mid-April. From there, we can see a gap back above the 38.2% level, which helped confirm the strength of the new uptrend phase.

I still have the pink trendline on my chart that I remember drawing during the downtrend phase. “As long as the S&P remains below trendline resistance, the market is in a clear downtrend,” I remember saying out loud on my market recap show. So when the SPX broke above the 50% level, as well as that clear trendline, I was forced to acknowledge the staying power of this new uptrend phase.

The S&P 500 stalled out at the 61.8% retracement level in early May, but another price gap higher signaled that the final Fibonacci resistance level was no longer going to hold. And once you eclipse the final Fibonacci level, that implies a full retest back to the 100% point.

So am I surprised that the S&P 500 has pushed to new all-time highs this week? Absolutely not. Indeed, using Fibonacci Retracements on charts like this have helped me admit when a new uptrend is showing strength, and provide plenty of reminders to follow the trend until proven otherwise!

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!


David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC

marketmisbehavior.com

https://www.youtube.com/c/MarketMisbehavior


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

As we head into the second half of 2025, here are three stocks that present strong technical setups with favorable risk/reward profiles. One is the largest market cap stock we’re familiar with, which bodes well for the market in general. The second is an old tech giant that’s making a comeback. The third is a beaten-down S&P 500 name that may be ready to rally.

Let’s dive into these three stocks.

NVIDIA (NVDA) is Leading the Market

Nvidia (NVDA) shares have finally broken out and closed above $150, a level we’ve been closely watching. With price action above that resistance threshold, NVDA’s stock price has room to run.

DeepSeek and tariff concerns seem to be in the rearview mirror. The fundamental positives are continued earnings growth, continued large tech cap-ex spend, and, more recently, Jensen Huang’s unveiling of a cute robot he feels could be the next big thing.

Technically, this move has legs, and we have the patterns and history to show for it. The risk/reward set-up is now quite favorable. Let’s break it down.

Over the last five years, there have been periods of consolidation (green boxes) and then significant breakouts to the upside. In all cases, shares became overbought according to the relative strength index (RSI). But overbought doesn’t mean NVDA’s stock price will reverse. During uptrends, overbought conditions can last for quite some time, as they did after the prior two significant breakouts.

With the official breakout above $150 and RSI again reading over 70, history suggests an extended rally is in the cards. A gain of 25–30% from current levels and a run to $200 is likely.

The downside risk is to the $150 level, from which shares just broke out. If this move is just a head fake, then use that level as a stop to limit your losses. This risk/reward set-up is why we believe this is one to own for the back half of 2025.

Cisco Systems (CSCO) Finds New Life

Old-timers like me may remember what a high flyer Cisco Systems (CSCO) once was. It’s been a member of the Dow Jones Industrial Average ($INDU) since June 2009, and shares have struggled to sustain any upward momentum until lately.

Fundamentally, the company continued to grow through acquisition. Now, those deals are starting to help their bottom line, namely the $28 billion acquisition of Splunk that closed in 2024. 

Technically — and that’s what we care about on the StockCharts platform — we can have some fun.

Below is a 30-year chart going back to the dot-com boom. Cisco was one of Wall Street’s darlings and climbed astronomically before falling from the skies. It has struggled to revisit those levels, but that could change soon. 

Switching to a smaller time frame — a three-year weekly chart (see below) — we are seeing great set-ups as we head into the back half of 2025.

CSCO’s stock price consolidated between $43 and $55 for 15 months and broke out in late 2024. Shares rallied and then pulled back to old resistance (now support) at $55 and began their climb back.

Now shares are breaking out again. An upside target of $82, the all-time high set back during the dot-com era, is within reach and may just get there by year-end. The risk/reward seems favorable and, given the run in tech and cyber stocks which CSCO represents, the momentum is there to reach those highs.

Generac’s Power Play

Welcome to hurricane season! It lasts from June 1st to November 30. Generac (GNRC), a leader in home backup power, tends to perform well during weather extremes. It isn’t always the primary catalyst for rallies over the long term in the stock, but it can spur short-term rallies.

Last week, as much of the country was in the middle of a heat wave, GNRC had the best week of gains since November 2024, rallying nearly 12%. The trend change seems to be underway. Shares are lower by -8.1% year-to-date, and there’s room to run.

However, the charts are showing signs of life. Let’s keep this one as simple as possible.

The stock broke its longer-term downtrend (red line)

Shares have made a consistent set of higher lows (green uptrend)

Shares recaptured their 50-day moving average

Shares consolidated in an ascending triangle and broke out

Shares tested and failed to recapture their 200-day moving average

Progress is being made. The trend has changed, there’s something to reverse, and seasonal factors and reduced tariff concerns are a true tailwind.

Shares could easily pull back — a flag, if you will — to the $135 area, but should be a great entry point from a risk/reward perspective. Overall, shares are poised to continue reversing that longer-term downtrend, and could be a good addition to the portfolio for the end of 2025.

The Bottom Line

Each of these stocks offers a viable investment strategy with favorable risk-to-reward ratios. If you’re going to enter a position, use clearly-defined stop levels to manage your risks.


After six weeks of consolidation and trading in a defined range, the markets finally broke out from this formation and ended the week with gains. Over the past five sessions, the markets have largely traded with a positive undercurrent, continuing to edge higher. The trading range was wider than anticipated; the Nifty traded in an 829-point range over the past few days. Volatility took a backseat; the India Vix slumped by 9.40% to 12.39 on a weekly basis. While trending higher throughout the week, the headline index closed with a net weekly gain of 525.40 points (2.09%).

The breakout that occurred in the previous week has pushed the support level higher for the Index. Now, the most immediate support level has been dragged higher to the 25100-25150 zone, the one that the markets penetrated to move higher. So long as the Nifty keeps its head above this zone, it is likely to continue moving higher. Over the coming weeks, we are also likely to see a distinct shift in the leadership, with the sectors that were in the bottoming-out process taking the lead. This would also mean that one must now focus on taking profits in the spaces that have run up much harder over the past week. While protecting gains, it would be wise to shift focus to the sectors that are likely to see much improved relative strength going forward from here.

The levels of 25750 and 26000 are likely to act as potential resistance levels for the coming week. The supports come in at the 25,300 and 25,000 levels. The trading range is likely to stay wider than usual.

The weekly RSI is 64.58; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line. A large white candle emerged, indicating the directional strength that the markets exhibited throughout the week.

The pattern analysis of the weekly chart shows that the Nifty initially crossed above the rising trendline pattern resistance. This trendline began from the low of 21150 and joined the subsequent rising bottoms. However, the Nifty consolidated above the breakout point for six weeks before finally resuming its move higher. The Index has pushed its resistance levels higher; as long as the Index stays above the 25000 level, this breakout will remain valid.

It is also important to note that the Nifty’s Relative Strength (RS) line is attempting to reverse its trajectory. This may lead to the frontline index improving its relative performance against the broader markets. Along with this shift in relative strength, it is also strongly recommended that one consider protecting gains in sectors that have risen significantly over the past several weeks. The leadership over the coming weeks is likely to change, making rotating sectors even more important than before. While protecting gains, new purchases must be initiated in sectors that are showing improvement in momentum and relative strength. While some consolidation cannot be ruled out, a positive outlook is suggested for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks. 

Relative Rotation Graphs (RRG) show that only two sector Indices, Nifty Midcap 100 and the Nifty PSU Bank Index, are inside the leading quadrant. While the Midcap Index continues to rotate strongly, the PSU Bank Index is seen giving up on its relative momentum. These two groups are likely to outperform the broader markets relatively.

The Nifty PSE Index has rolled inside the weakening quadrant. This may result in the sector slowing down on its relative performance. The Nifty Commodities, Financial Services, Infrastructure, Banknifty, and the Services Sector Index are also inside the weakening quadrant.

The Nifty Consumption Index has rolled into the lagging quadrant. The FMCG Index and the Pharma Index also continue to languish inside this quadrant. The Nifty Metal Index is also located within the lagging quadrant; however, it is sharply improving its relative momentum compared to the broader markets.

The Nifty Realty, Media, IT, Auto, and Energy Indices are located within the leading quadrant. These groups are likely to assume leadership over the coming weeks as they continue to improve their relative momentum and strength compared to the broader Nifty 500 Index.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

House Republicans are growing increasingly wary of the self-imposed July 4 deadline to get President Donald Trump’s ‘big, beautiful bill’ to the White House, as the president warns that the bill ‘must’ be ready for his signature by then.

‘I think it’s more important to get the bill correct than it is to get it fast,’ Rep. Scott Perry, R-Pa., a former House Freedom Caucus chairman, told Fox News Digital. ‘I’m interested in a great deliverable product, and spending the time and the resources necessary to get that, whatever they may be.’

It’s a thought shared by members outside of the conservative rebel group as well – Rep. Nicole Malliotakis, R-N.Y., who represents part of New York City, said Fourth of July is a ‘realistic’ goal, but not one she was married to.

‘I’m not set on getting this done by July 4th. I know that’s a goal, it’s a nice soundbite, doing this on Independence Day and celebrating America,’ Malliotakis said. ‘But at the end of the day, we’ve got to do it right. And I’d rather take a few more days, a few more weeks, to make sure we can deliver a good product for the American people.’

Speaker Mike Johnson, R-La., told reporters on Friday that it was ‘possible’ the deadline could slip, ‘but I don’t want to even accept that as an option right now. We want to try to push this.’

The vast tax and immigration bill is currently in the Senate, where lawmakers are still working through several key issues on Medicaid and state and local tax (SALT) deductions among other details.

An earlier version passed the House by just one vote in late May.

Now, several House Republicans are balking at proposed changes in the Senate – though there’s still no final product – and warning that the bill could lose their support when it returns to the House.

Rep. Greg Murphy, R-N.C., who leads the Doctors Caucus, told Fox News Digital he had issues with the Senate version’s comparably harsher cuts to federal Medicaid funding.

‘There is uniform agreement amongst many, many members in the House – if there’s a change in the [federal Medicaid assistance percentage], we’re not voting for it. It would remove the Medicaid expansion of North Carolina. I won’t stand for that,’ he said.

Asked about the feasibility of a July 4 deadline, Murphy said, ‘I’ve been a surgeon all my life … if I plan things, I’m used to having them given up in case a patient needs me for emergencies and things like that.’

Rep. Nick LaLota, R-N.Y., a moderate, said ‘there might be some prudence’ in letting go of the July 4 deadline.

Conservative Rep. Michael Cloud, R-Texas, was more optimistic. ‘I think it’s more worth it to get the bill right, but that’s not to say we won’t get it done by then,’ he said.

Rep. Lloyd Smucker, R-Pa., suggested the timeline will rely heavily on Trump.

The Senate is expected to work through the weekend to pass the bill.

Johnson told House Republicans, meanwhile, to be flexible next week when they’re expected to be home in their districts. Sources have told Fox News Digital that House GOP leaders have offered varying estimations of when lawmakers will have to be back in Washington, from Tuesday through Thursday.

And the House is up against at least one real-world deadline: The U.S. is expected to run out of cash to pay its debts by the summer, according to multiple projections. Republicans have made raising the debt limit a priority in the bill.

Trump, for his part, wrote on Truth Social Friday, ‘The House of Representatives must be ready to send it to my desk before July 4th – We can get it done.’

He said during a press conference earlier in the day, ‘We can go longer, but we’d like to get it done by that time, if possible.’

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Speaking with reporters in the Oval Office after a meeting marking a U.S.-brokered peace deal in Africa, President Donald Trump touted his administration’s progress on achieving peace deals across the globe, something he said has been possible because world leaders ‘respect our country again.’  

‘We were not a country that was respected. Just a year ago we had a president that was incompetent. We had bad people circulating around this desk, this beautiful Resolute desk,’ said Trump. ‘They had, I guess, evil intentions. They were, you couldn’t be that stupid, I mean, they had evil intentions, but the world respects our country again.’ 

Commenting on a freshly brokered African peace, which will end a decades-long conflict between the Democratic Republic of the Congo and Rwanda, Trump said it ‘is a tremendous breakthrough.’ 

‘In a few short months, we’ve now achieved peace between India and Pakistan, Israel and Iran and the DRC and Rwanda and, a couple of others also, Serbia [and Kosovo],’ he said. 

He also called his NATO trip ‘very successful,’ saying U.S. allies committed to spend over $1 trillion on defense. 

‘We’ve had some tremendous success,’ said the president. 

Trump also mentioned the successful strikes on three Iranian nuclear sites and the subsequent ceasefire brokered between Israel and Iran. 

‘We had the war, as you know, we call it the ‘12 Day War,’ it was exactly a 12-day war. And we ended up with no nuclear weapons. That’s what we wanted. And they were, they were just absolutely blown to pieces those three sites and there’s no nuclear weapons. And hopefully there can be a lot of healing. And healing is starting,’ he said. 

On the topic of healing in the Middle East, Trump also predicted there will be a ceasefire in Gaza sometime ‘within the next week.’ 

He called the situation in Gaza ‘terrible’ but expressed optimism there could soon be a ceasefire between Israel and Hamas. 

‘I think it’s close. I just spoke with some of the people involved,’ said the president, adding, ‘We think within the next week we’re going to get a ceasefire.’ 

Trump also addressed the ongoing humanitarian crisis in Gaza, saying, ‘We’re supplying, as you know, a lot of money and a lot of food to that area because we have to, I mean, you have to. In theory, we’re not involved in it, but we’re involved because people are dying.’

He called on other countries to also send humanitarian aid to Gaza.

‘We’re working on Gaza, trying to get it taken care of and again, you know, a lot of food has been sent there. And other countries throughout the world should be helping also,’ he said. 

In addition to being respected by America’s allies, Trump said his administration has improved relations with countries such as Russia, North Korea, China and Iran. 

‘Vladimir Putin made some very nice statements today,’ he said. ‘Look, he respects our country again. He didn’t respect it a year ago. I can tell you right now, but Putin respects our country and, President Xi of China respects our country. And Kim Jong Un respects. They respect our country again.’

In response to a question on whether he may authorize U.S. Patriot missiles for Ukraine’s air defenses, Trump simply responded, ‘I may.’ 

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