{"id":22966,"date":"2026-06-08T13:13:54","date_gmt":"2026-06-08T20:13:54","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=22966"},"modified":"2026-06-08T13:30:14","modified_gmt":"2026-06-08T20:30:14","slug":"a-healthy-pullback-or-the-first-crack-levels-6-09-2026","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/a-healthy-pullback-or-the-first-crack-levels-6-09-2026\/","title":{"rendered":"A Healthy Pullback \u2014 or the First Crack? & Levels 6.09.2026"},"content":{"rendered":"\n\n\n
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A Healthy Pullback \u2014 or the First Crack?<\/h2>\n

\"futures<\/p>\n

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By Eli Gal Levy, Series 3 broker<\/p>\n

After weeks of fresh all-time highs across SPX, SPXEW, DJI, COMP, this week handed us the largest one-day drop of the year in the NASDAQ. The blowout monthly jobs report did the work no one was expecting \u2014 yields spiked, the short end of the curve threatened to break containment, and traders used it as the excuse to take profits in the most crowded part of the market. The S&P 500 broke its 20-day moving average around 7,500 and is sitting below it. The next reference on the way down is the May low around 7,330 \u2014 and we are still above it. Above 7,320 this is a routine wobble inside an uptrend. Below 7,320 the conversation changes.<\/p>\n

The damage was concentrated where the leadership has been. AMD was down more than 10% on the week. Micron was down 13%. Broadcom \u2014 the company whose lackluster guidance started this whole leg \u2014 dropped 20%. The PHLX Semiconductor Index pulled all the way back below its 20-day SMA, the same kind of test that brought buyers in around mid-May. Whether they show up again is the single most informative thing the chart can tell us next week. The VIX, which printed a four-month low of 15.18 the day before, snapped higher. Bitcoin is down roughly 20% on the week and traded below its February low (~$60,000) and below the 200-week SMA (~$62,000). The green on the day was confined to the most defensive parts of the tape \u2014 healthcare, staples, utilities. Healthcare was up on no real news; it was just under-owned relative to everything else everybody was holding.<\/p>\n

There are real reasons to step back and respect both sides of this.<\/p>\n

The bull side is the same one that has held this rally together. The economy is stronger than expected. Yields are rising in part for the right reason \u2014 growth is better than feared and that comes with some inflation. The AI capital expenditure cycle is enormous and broadening: the four biggest hyperscalers are on track to spend close to $800 billion on AI infrastructure this year and roughly $1.2 trillion next year. That is a food chain that runs far beyond the chips \u2014 data center builders, the equipment inside the data centers, the grid, the power. The backlogs are real. A pullback inside a CapEx cycle this big is exactly the kind of opportunity bulls have been waiting for to put a shopping list together \u2014 both within tech and in the parts of the market that had been left behind. From this side of the argument, what we just saw is the first healthy pullback since March 30. Nothing more.<\/p>\n

The cautious side is also worth taking seriously. The leadership group was historically stretched coming into the week \u2014 large air underneath the chart, very crowded positioning, and very thin price discovery on the way up. Concentration is the part that should sit in the back of your mind: the ten most influential AI-related names have accounted for something like 40% of the S&P 500\u2019s gains. That is the kind of concentration that has historically lined up with bubble-like environments. It does not always end badly \u2014 and there is no evidence yet that this one will \u2014 but it does raise the cost of being wrong. Add the supply side: Alphabet\u2019s historic ~$85 billion equity raise to fund AI infrastructure, META reportedly preparing a raise, and a SpaceX IPO landing next Friday at around $1.75 trillion. That is real new supply hitting at a time when investors are also raising cash by selling winners to make room. Is that broad-based demand for opportunity, or is it exit liquidity? Both readings are fair.<\/p>\n

Here is my bias, stated plainly. I follow the market \u2014 I do not lead it. The market sold off this week, but the larger trend has not broken. A short-term top usually behaves the same way: it sells off, builds back, and then either takes out the previous high or it doesn\u2019t. If it does, the uptrend is still in charge and the dip-buyers were right. If it can\u2019t, that is often the start of a more meaningful downturn, and the levels start mattering a lot. I am not going to call which one we get. I am going to let the levels tell me \u2014 SPX 7,330 on the downside, the prior high on the upside, SOX behavior at the 20-day SMA, and BTC behavior around the February low. The third option is finding support and consolidation.<\/p>\n

READ THE REST and SEE CHARTS<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge \u2014 Your Daily Futures Snapshot for June 9th<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for June 9th, 2026<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Economic Reports<\/h3>\n

provided by:\u00a0<\/a>ForexFactory.com<\/a><\/p>\n

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A Healthy Pullback \u2014 or the First Crack? By Eli Gal Levy, Series 3 broker After weeks of fresh all-time highs across SPX, SPXEW, DJI, COMP, this week handed us the largest one-day drop of the year in the NASDAQ. The blowout monthly jobs report did the work no one was expecting \u2014 yields spiked, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[],"class_list":["post-22966","post","type-post","status-publish","format-standard","hentry","category-future-trading-news"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/22966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=22966"}],"version-history":[{"count":2,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/22966\/revisions"}],"predecessor-version":[{"id":22971,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/22966\/revisions\/22971"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=22966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=22966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=22966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}