A Market of Stocks: The Uptrend Resumes and Setups Broaden
Weekly Outlook 06/22/26
Market Recap
Last week the markets gapped up on Monday after Trump announced the Iran peace deal, carrying the snapback rally into the new week. The rest of the week came back to probe test the gap, with Kevin Warsh’s first FOMC as chair landing more hawkish than expected. But it proved a one-day reaction as buyers stepped back in and the market recovered into Thursday’s close ahead of the long weekend. The AI and tech bull market is still the main narrative here and one hawkish presser was not a character change.
With the Strait of Hormuz reopening, the war premium is bleeding out and crude lost its bid.
Technically the $QQQ is working the right side of this recovery consolidation. We remain above all upward sloping moving averages. From here it looks like a matter of time before the market presses to new highs.
Catalysts Over the Last Week
As always, the activity feed inside the Valhalla Portal has been logging every major catalyst I’ve flagged throughout the week. Some notable ones this week:
$AMD / $RXT | Signed a definitive agreement for phased deployment of 30 MW of AMD AI compute with Rackspace.
$INTC / $AAPL | Trump said Apple will work with Intel to manufacture chips in the US.
$TSEM / $MRVL | Shipped over five million coherent photonic ICs together.
$SHAZ | Announced an oversubscribed $1.6B strategic financing to expand its AI factories.
$HIVE | Acquiring a 32 MW data center in Boden, deepening an eight-year partnership.
$UUUU | Received conditional US government support to accelerate rare earths and critical materials growth.
$EOSE | Booked its first purchase order under its 2 GWh capacity reservation agreement with Frontier Power USA.
$QURE | Got FDA clearance to file for its Huntington’s gene therapy approval.
$MNTS | Secured a new commercial contract for its Vigoride-9 orbital service vehicle.
$HOOD | Cutting 10% of its workforce in a restructuring.
Watchlist
With the market recovering into an uptrend and volatility falling back down, the environment shifts back to a swing breakout regime. The read is relative strength again: who is basing, who is breaking out, and who already cleared to new highs. Setups are developing fast across semis, power, biotech, and data centers.
Semis
$INTC | The key watch. The most important US semiconductor name, with the Trump administration invested and talking it up repeatedly. Pair that tailwind with a strong semi sector and rising CPU and AI demand, and this is a top focus for swing traders.
While INTC remains the leader and main focus many other semis are also setting up:
Power Generation & Fuel Cells
Power for data centers has become a central theme in the AI infrastructure trade.
$GEV | Substantial rally back.
$BE | New all time highs Thursday, bringing fuel cells back on watch.
$FCEL / $BLDP | Smaller cap fuel cell names back in play on the $BE move.
Data Centers
AI data centers keep showing strength with no signs of demand slowing.
$NBIS | The clear leader, but the ideal buy point was right after the market turn. Wants some digestion or a pullback before the next entry.
$GLXY / $RIOT / $HUT / $BRUN | Consolidating ahead of a potential breakout.
Biotech & Genomics
$XBI / $ARKG | Biotech broke out last week, and the genomics ETF is back at prices unseen in nearly three years.
$BEAM | The lengthiest base in the space.
$PSNL | Recent momentum.
Software & Cyber
Cybersecurity remains the strongest pocket of software.
$PANW | Looks like the group leader.
$CRWD / $SNOW | Both sideways for a couple of weeks, building the next base.
Space
$SPCX | Pulled back after pushing toward a $3 trillion cap just three days post IPO. It has offered good intraday trades nearly every day since the debut given its large daily range. Less of a directional bias here after the first rally and pullback.
Other
$FTAI | Lengthy weekly base. Ideally forms a higher low before the pivot breakout.
$OUST | Clearing a stage 1 base and forming a new consolidation.
Closing Thoughts
With the Iran peace deal confirmed and the market retracing much of the recent selloff, it looks like we put in a higher low. That is a healthy sign of digestion after such a strong rally off the lows. As laid out in last week’s post, the base case is that we consolidate in this range and likely press to new all time highs within a couple of weeks.
This week only bolsters that thesis. We are seeing a proliferation of emerging setups across sectors, the kind of broadening participation that tends to carry a market onward. The old saying is that it “is a market of stocks, not a stock market”, and right now plenty of those stocks look poised to advance.
If you enjoyed this read, please consider leaving a like on the post, and let me know in the comments if I missed anything or what you’re watching for this week!
P.S.
If you haven’t checked out the Valhalla Portal yet, it’s where I track catalysts, setups, and market activity in real time - a live feed of everything that moves the tape, built for the community. I’ll be doing a dedicated post soon walking through all the features in detail, so stay tuned for that. In the meantime, you can check it out here: