Weekly Market Prep 6/22
SPY pivots, MU earnings preview, stocks to watch & more!
Good morning Substack,
Earnings
A few earnings have the potential to shape the week ahead, but the one most investors will be watching is Micron.
MU 0.00%↑ - up over 300% YTD
MU pivots
Pivot = 1200
Long above, Targets 1240-1250, 1300
Short below, potential supports at 1150, 1100
Below 1090 can move lower to test peak gamma exposure at 1050.
Should 1050 be tested, and the area is a likely floor and has the potential to act as support to slow further potential downside
Economic Calendar
Thursday, June 25
U.S. GDP final reading Q1-’26
PCE/ Core PCE Inflation reading
PCE expected at 3.97% YoY
Core PCE expected at 3.30% YoY
Keep an eye on these inflation expectations and readings. New Fed Chair Walsh is taking a different approach to inflation
SPY 0.00%↑ pivots
The SPY is currently trading just below 747 in pre-market trading. Gamma exposure at the start of the week shows that the SPY is between key positioning areas and will need to pick a direction over the coming week of trading.
SPY net gamma
SPY pivots
Below 747 can see some rangebound weakness
Targets 745, 743, 741
Should 740 hold as support and the SPY can move back higher within the range
Continued weakness if <740
Targets 737, 735, 733
Above 748 forces negative gamma exposure offsides and can allow for a trade towards 750
Long >750
Targets 752, 753, 755
Continued strength ≥755, targets 758, 760
Stocks to Watch
RKT 0.00%↑
After a sharp sell-off during Wednesday’s trade, RKT regained all of its losses and some more during Thursday’s session.
The bullish price action clearly caught the eye of at least one participant on Friday as they rushed to position in calls during the final minute of Thursday’s trading.
