There is an X.

The rally in the stock market paused. Even as Federal Reserve policymakers signaled big rate hikes were likely for several more meetings, the major indexes retreated but held key levels. It’s not clear if the recent market action was bullish or bearish.

It is possible for investors to have a small exposure, but they need to be ready to step back.

The Worldwide Developers Conference will be held by Apple this coming week. The operating system changes will be shown by Apple. There’s a chance that Apple will reveal a streaming package for the league. Apple stock fell hard on Friday, closing the week lower.

On Friday and for the week, the stock of the company fell as it was reported that Musk wants to cut 10% of his employees.

It’s a reminder that volatile, highly valued growth names can make big moves off the bottom but also sell off hard.

Five stocks are trading near buy points, which is a good sign. All have relative strength lines at or near highs. The blue line in the charts tracks a stock’s performance against the S&P 500.

The stock of NOC and the stock of Albemarle are on the list. The stock of ZIM is listed on the IBD 50. The market rally action this week was discussed in the video embedded in this article.

The futures of the Jones

At 6 p.m., the futures are open. S&P 500 futures will be on Sunday.

It’s important to remember that overnight action in futures doesn’t translate into actual trading in the stock market.

The stock market rally will be analyzed by IBD experts on IBD Live.

The stock market is on a roll.

The stock market rally retreated modestly for the week, but had some big moves in the major indexes.

The stock market fell in last week’s trading. The S&P 500 gave up some ground. The index was down 1%. The Russell 2000 was down.

The 10-year Treasury yield jumped 21 basis points to 2.96%, and rebounded to 3%, despite generally strong economic data. The 10-year yield fell for three weeks.

Last week, U.S. crude oil futures increased to $118.17 a barrel. The futures for gasoline shot up.

The Innovator IBD 50 exchange traded fund (FFTY) rose 1.2% last week, while the Innovator IBD Breakout Opportunities exchange traded fund (BOUT) gave up 1%. The IGV gained 0.7%. The VanEck Vectors Semiconductor Exchange Traded Fund sank 1.5%.

Last week, the SPDR S&P Metals & Mining Exchange Traded Fund retreated 2.2%. The Global X U.S. Infrastructure Development Exchange Traded Fund dipped. The U.S. Global Jets Exchange Traded Fund (JETS) lost 4.6% of its value. The SPDR S&P Homebuilders Exchange Traded Fund retreated 1%. The Energy Select Exchange Traded Fund gained 1.1% while the Financial Select Exchange Traded Fund fell 2%. The Health Care Select Sector SPDR Fund decreased in value.

Reflecting more-speculative story stocks, ARK Innovation Exchange Traded Fund (ARKK) and ARK Genomics Exchange Traded Fund (ARKG) fell last week. The top holding across Ark Invest’s ETFs isTesla stock.

There are five best Chinese stocks to watch now.

There is an Apple WWDC.

At the Apple Worldwide Developers Conference in June, the tech titan will show off its various devices’ operating systems. According to media reports, Apple could announce a deal to carry the Sunday Ticket package. Major League Baseball games will be broadcasted on Apple TV+. It won’t come cheap, but increasing sports content is a way to attract and keep subscribers.

Friday’s 3.9% drop below the 21-day line resulted in Apple stock falling 2.85% for the week. AAPL stock is not a good buy and is well below the 50-day and 200-day lines.

The electric car company ‘Super Bad’ sold off.

The stock fell back below its 21-day line last Friday. According to a report, Musk wants to cut 10% of his company’s jobs due to the bad economy. The comments were in an email to executives.

Questions were raised by Musk’s email comments. Musk said hourly production workers will increase and that major job cuts would suggest weaker demand. With auto industry production still constrained, the demand forTesla seems strong. The EV giant just added two new factories and expects 50% growth over the next few years.

Musk said on Saturday that there will be a rise in employment over the next year, but there will be flat positions.

758 reports of phantom braking have been received by the National Highway Transportation Safety Administration. On May 4, the NHTSA requested information from the electric car manufacturer.

The Wall Street Journal reported Friday that the NHTSA will release crash data this month. The NHTSA is investigating a number of crashes.

There is a debate between the electric car company, tesla, and the other electric car company, tHe other electric car company, tHe other automobile company, tHe other automobile company, tHe other automobile company, tHe other automobile company, China EV Maker Rallies Toward Highs, SeizesTesla’s Crown.

The stocks are near the buy points.

On Friday, the stock popped 3.35% to 478.37, just clearing a buy point. On Thursday, the stock tested its 50-day line and formed a handle. The stock is above its 50-day line by 4.8%.

Dollar Tree stock fell over the past week, but was still above its 50-day moving average at 159.88. After a big plunge and revival, shares settled down. Dollar Tree’s stock rebounded on its own earnings a week later, after crashing on weak earnings from Walmart and Target. Dollar Tree stock has formed a handle on a weekly chart, giving it a buy point. Dollar Tree has a 177.29 cup-base buy point if the handle forms for one more day.

FLNG stock shot up 7.6% last week to 29.74, and was bullish from the 50 day line. According to MarketSmith analysis, the official consolidation buy point is 32.88 The 50-day line could gain more ground if the play paused for a few days.

The stock had a lot of activity this week. After soaring nearly 15% in the prior week, it fell as low as 232.50 on June 1, though it found support at the 21-day line. The stock finished the week at 250.76, which was above the early entry. ALB stock has a handle buy point on a weekly chart. That will show up on a daily chart. A longer pause would allow the 50-day line to catch up with the 200 day line. There were two big upward revisions to full-year earnings targets for Albemarle in May, which caused the stock to surge.

On May 31, ZIM stock fell 6.4%, but rebounded to close the week at 67.70. ZIM stock now has a buy point on a weekly chart, giving it a handle. There wasn’t much of a shakeout aside from the May 31 tumble. ZIM stock is 11.9% above its 50-day line.

This stock is being charged up by a clamor for batteries.

Market rally analysis.

The stock market rally paused this past week, with the major indexes retreating modestly on Friday’s losses. Most of the gains from the prior week were held by the major indexes.

Was this week positive for the market rally? It depends on what’s next. It wasn’t a big surprise after the big gains. Some handles are allowed to form. Was this a temporary pause before the major indexes rebound or the start of a retreat back to lows? Pushing above this week’s highs is just the beginning. The 50-day moving average is a key hurdle for the major indexes.

Fed officials made it clear this past week that they won’t stop tightening aggressively until they see inflation fall and labor markets improve. The process will be hard for the economy. The stock market sold off on Friday on Musk wanting bigTesla job cuts and the May jobs report showing strong hiring shows how investors aren’t quite sure what’s good news right now.

The energy industry is still strong, with integrated giants, coal producers, and FLNG stock all still thriving. Solar stocks are up again. Shippers such as ZIM stock, as well as retailers such as Dollar Tree and various building related companies, are looking interesting.

IBD has a market strategy.

What are you going to do now?

Based on the action of the major indexes and their own positions, investors may have added or cut exposure in the past week. It should still be modest.

There are huge opportunities for investors in the future. Maybe we are at the beginning of a big bull run. This could be a short-lived bounce in the bear market. When the tide turns, you can take advantage by keeping most of your powder dry.

The Investor’s Business Daily focuses on identifying potential leaders. You can use that to build blocks for your own watchlists. Stay flexible and alert.

Stay up to date with the market direction and leading stocks and sectors by reading The Big Picture every day.

You can follow Ed Carson on social media for stock market updates.

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