SOXX This feels like late March 2000. If you look at the SOX (Semiconductor Index) chart, it closely resembles the dot-com terminal rally that ended the tech bull market.
Despite the sharp drawdown on Friday, SOXX (Semiconductor ETF) remains overextended. This could be the beginning of a much larger and widely anticipated correction.
GDX (Gold Miners ETF) is hanging on to its major trendline support for dear life. If it fails here, we could see it much lower. The structure does not bode well for gold.
PLTR (Palantir) is sitting right on support. A breach here would not be pretty, both for PLTR and for AI software names more broadly.
MAGS Following Monday's breakdown, MAGS (Magnificent 7) continued to weaken and is now sitting on key support. If it fails to produce a bounce from here, it risks heading to 63, followed by 60.
NVDA (Nvidia) broke below the key 208 level on Friday. This is perhaps the most important single-stock level to watch, as I have mentioned repeatedly over the past few weeks.
If NVDA fails to reclaim 208 in the coming sessions, this will very likely mark the beginning of the end of the AI frenzy.
XAUUSD Gold broke below the key 4.4K support that had kept it afloat for the past 6 months.
Stronger-than-expected nonfarm payrolls, the long-expected steep selloff in semis, and front-running into the next FOMC drove yields sharply higher and strengthened the dollar, pressuring gold.
Gold is now targeting the major trendline around 4.2K, with 3.9K next if that breaks.
I would refrain from catching the falling knife here, as other highly correlated assets still point in an unfavorable direction for gold.
BTC1!
If 63K support fails, next support sits around 56K. Below that comes obliteration.
Chart: Binance BTCUSDT perpetual · Asset Tag: CME Bitcoin futures (BTC1!).
KOSPI Move the stop above 8476.
BTC1!
https://www.coindesk.com/markets/2026/06/01/strategy-sold-32-btc-for-usd2-5-million-in-late-may-filing-shows View note
BTC1!
Guess what happens if Bitcoin struggles to climb back inside the channel in the next few sessions?
Chart: Binance BTCUSDT perpetual · Asset Tag: CME Bitcoin futures (BTC1!).
Z1! (FTSE 100) reversed from its downtrend resistance line. The triangle is coming to an end, so resolution is imminent. A sustained close above resistance would put bulls back in control, while a break below triangle support would lead to more downside.
NVDA As I laid out two weeks ago, if the market decides to put an end to this AI frenzy, NVDA (Nvidia) will likely post a monthly close below 208 and lead the market lower in the coming months. For bulls, the pullback into 208 is a low-risk entry. For bears, wait for a confirmed close below 208.
NVDA backtested that level on Wednesday, so this remains the level to watch. Despite missing out on the memory rally, NVDA is still the most important stock in the semi sector and the bellwether for this bull run.
DJI backtested the uptrendline and bounced.
NDX NQ1!
As the indices become increasingly concentrated, the negative macro backdrop is being masked by strength in semis and by lower oil prices despite record inventory draws and record-low inventories. For the market to return to reality, it likely needs one of three triggers: oil breaking out, rate hikes, or the AI frenzy coming to an end.
Timing the top is difficult, especially in a culminating move like this. For now, I would tighten stops and protect profits. The market will send clearer signals once the trend starts to reverse.
SPX backtested its lifeline and bounced. As long as that level holds, the path of least resistance remains higher. A clean breach below would be the first real warning that the trend is starting to crack.
US02Y Thanks to Axios and Al Jazeera, the market appears to be buying the imminent peace-deal story, which is pressuring yields lower. For US02Y (U.S. 2-Year Treasury Yield), the 4% level remains key support. A clean break below 4% opens the door back to 3.8%.
NIFTY (Nifty 50) bounced off my 22K support and is now running into resistance around 24.4K. A decisive break above 24.4K would reopen the upside path, while failure there keeps the market range-bound and vulnerable to another pullback toward support.
US10Y Timely efforts to defend 10Y yields, as this is the most important rate in the world. As mentioned two weeks ago, the US10Y (U.S. 10-Year Treasury Yield) multi-year downtrend resistance line was the only resistance global long-end yields had left, and the administration would try its best to defend it.
We did get the fakeout, as expected. A sustained breach above that resistance would open the door to a test of the 2023 high, after which the market could start pricing a repeat of the 1970s-1980s stagflation regime.
On the downside, the next support sits around the uptrendline. Until that breaks, US10Y should remain range-bound between 4.1% and 4.6%.
