NMS Investment Research

  Apple stock is approaching the $3 trillion mark , at $190.74 a share , as investors begin to recognize potential opportunities for growth in the VisionOS ecosystem. The Apple Vision Pro will be released in the U.S. in Q1 of 2024 and by that time, most bulls are betting on several killer apps for Vision Pro, ranging from virtual online shopping to travel, to emerge. Deepwater's Gene Munster told CNBC, "Eventually 10% of Apple's revenue will come from the Vision Pro". In our view, t his might not include a lower-end version of the original Vision Pro that the company is currently working on , per Bloomberg . This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  The S&P 500 ended its winning streak of fi ve straight week s after the Fed 's Powell told the U.S. Congress on Wednesday that more rate hikes are likely ahead to get inflation down to 2% . The index could move down further to test the 4,300 and 4,279 support levels next week, awaiting t he Friday release of May core PCE, closely watched by the Fed . According to the CME FedWatch Tool, the possibility of a 25-basis point hike at the July FOMC meeting is 71.9%. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  Bitcoin bounced off its 200-day EMA and rallied about 20% since Blackrock announced that they filed an application for their spot Bitcon ETFs. This week, at least two more investment firms, WisdomTree and Invesco, have filed their own Bitcoin ETFs, following Blackrock's move. It's not a sure thing though, as the SEC already rejected such applications twice, in December 2021 and October 2022, per Cointelegraph. The rally could continue if Bitcoin can break the key 30k/30.9k resistance level. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  The SET index is stuck between its 50-day EMA and the trendline resistance of a bearish descending triangle chart pattern as political uncertainties continue. The outlook for the SET remains unchanged as the relative strength (RS) between MSCI Thailand and MSCI EEM (Emerging Markets) is heading lower, under its 50-day EMA. Foreign investors are taking their money out of the Thai financial market, shaken by political uncertainties and headlines like this, "Thai stock market suffers as Stark Corporation defaults", per The Thaiger. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

The S&P 500 was up for the f ifth straight week as the Fed held off a rate hike but says two more are coming later this year, per CNBC. T he l ast time the index was up f ive weeks in a row was in September 20 21 . The index closed at 4,409.56, a key trendline support. Goldman Sachs lifted its year-end S&P 500 price target this week to 4,500 from 4,000, citing the new U.S. soft landing forecast and higher-than-expected earnings, per Yahoo Finance. The bears should take notes that despite both the 10-2Y and 10Y-3M Treasury yield spreads being deeply inverted, t he spread between the 2Y U.S. Treasury yield and its 600-day EMA (another leading indicator for recession) stands at 1.29%, meaning an impending U.S. recession is unlikely. Goldman told CNBC last week that the odds of a recession occurring in the U.S. within 12 months are declining to only a 25% probability. Be aware that it could be highly volatile next week as the Fed blackout period ended on June 15 and Fed

  Tesla bulls beware! The relative strength of Tesla stock , or RS, is now approaching a crash level at ~ 93. The stock is stuck under trendline resistances ~ $258, but Tesla bulls have plenty of time to push the stock higher until Tesla reports its earnings late next month. The next trendline resistance is ~ $270. Other good news is that a golden cross may be emerging. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

WTI crude prices took a 4.35% dive to close at $ 67 . 12 a barrel on Monday after Goldman Sachs revised down its WTI crude price forecast for December from $89 a barrel to $81, citing increasing supply and slower demand, per CNBC. WTI crude prices could fall further to retest a trendline support at ~ $6 4.30 a barrel if U.S. and China economic data remains soft.  It remains to be seen whether the one million barrels a day oil production cut by Saudi Arabia, starting in July, will have any impact on crude oil prices at this level. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  The S&P 500 was rejected at a weak trendline resistance ~ 4,322, but managed to close up 0.11% on Friday , just above a key resistance level at 4,279 . The index was up for the fourth straight week , a head of the Fed 's decision on its interest-rate policy next Wednesday. The last time the S&P 500 was up for four weeks in a row was in August 2022. According to the CME FedWatch Tool, the possibility of a no interest rate hike at the June FOMC meeting is 70.1%. Keep an eye on Fed Chair Powell's comments during the press conference on Wednesday as he may give some hints how long this pause will last. No one knows how the market will react to those comments. If the market likes what they hear, the S&P 500 will break a correction level at 4,337. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  Tesla stock is retesting its trendline resistances near the $230 level on news that all Model 3 EVs now qualify for full tax credit s . Model 3 RWD now costs as low as $22,830 when combin in g federal and state incentives , per Yahoo Finance . Citi already raised their P/T this week from $175 to $215, citing resilience of auto demand...Whatever that means!? Tesla will report its earnings late next month, which gives the bulls plenty of time to push the stock even higher. The next key resistance level is $248.70. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  Bitcoin continue s to get rejected at its 600-day EMA / the neckline of the head and shoulders chart pattern , at ~ 27.6k . C oncern s about SEC regulations for cry p to currency trading sent BTC down to test its 200-day EMA on Monday. But, b eware that bitcoin could take a nother dive to a key support level , ~24. 2 k , if it breaks below the 200-day EMA. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  Apple stock surged to new all-time high ($184.95) on Monday before pulling back to close at $179.58, just a tad below the key resistance level at $1 80, as the company unveiled the most advanced VR/AR headset, Apple Vision Pro, with a $3,499 price tag. Here are some takes from prominent Wall Street analysts: Deepwater's Gene Munster told CNBC, "Apple 's VR rollout is a paradigm shift in how consumers do computing...Eventually 10% of Apple's revenue will come from the Vision Pro." Wedbush's Dan Ives doesn't think the price will be a problem. He estimates roughly 150k units to be shipped in its first year and potentially up to a million units in its second year at lower price points. Keep an eye on the $180 level. A breakout could send the stock to test the $3 trillion mark at $190.74. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  The S&P 500 br o k e above a key resistance level at 4,279 on Friday, up three weeks straight, after the U.S. Senate passed the debt limit bill and the NFP report came in better than expectations. The FOMC meeting is 9 days away. According to the CME FedWatch Tool, the possibility of a 25-basis point hike at the June FOMC meeting is 25.3%. Technology stocks have been leading the market this year. All eyes will be on Apple's World Wide Developers Conference on Monday, where the company typically introduces new software for their products and it's possible that the company could bake more AI into those updates. Apple is also expected to launch their next big thing at WWDC, the long-awaited VR/AR headsets. The S&P 500 will exit a correction at 4,337 if Apple stock can break its Jan'22 all-time high at $181.13 next week. Be aware though, the l ast time the S&P 500 was up four weeks in a row was in August 2022.  This note contained herein is not and should

  The SET index is bouncing along the base of a bearish descending triangle at ~ 1,520 as a political war of words is heating up. From the market action, i nvestors seem to have no clear visibility of the political landscape in Thailand . This can go on u ntil parliament votes for a new p rime minister and a new cabinet is officially appointed. And t hat could take place at the beginning of August if everything goes well. To make matters worse, the Bank of Thailand raised its key interest rate to 2.0% on Wednesday . That is a sign the BOT is still concern ed about inflation . Meanwhile, foreign investors are tak ing their money out of the Thai financial market, as the relative strength (RS) between MSCI Thailand and MSCI EEM (Emerging Markets) continues to head lower, under its 50-day EMA. Beware that a break below the 1,520 base could send the SET index down to retest bear market territory ~1 , 482.01. This note  contained herein is not and should not be construed as