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SPY ETF sees largest outflows in June since January 2015. Semiconductors and big tech experience profit-taking after good run. Micron releases quarterly earnings on Wednesday. Goldman says that traders are selling tech in favor of financials.   The S&P 500 Index might have finally reached a range high as the short-term rally that began on May 31 has finally receded for three sessions in a row.  Though Monday’s 0.31% pullback was minor, the fact that this is taking place at a time when the Index is overbought remains the focus. On Tuesday, June 18, the S&P 500 reached its highest overbought level on the Relative Strength Index (RSI) since December 2023. The primary economic indicator this week will be Friday’s Personal Consumption Expenditures (PCE) inflation reading. The market expects annual core inflation to drop from 2.8% in April to 2.6% in May, as well as rising just 0.1% on a monthly basis. S&P 500 news: Nvidia down, Micron earnings ahead The major index has gained in June, but data shows that investors are beginning to book profits. $27.8 billion has drained out of the SPDR S&P 500 ETF Trust (SPY), the index’s largest ETF, so far in June. About $12 billion of that figure alone came last week. To put this in perspective, this means it is neck-and-neck with the ETF’s worst month until now, January 2015. That month from nearly a decade ago saw net outflows of $28 billion. There has been weakness on the semiconductor front of late, which alongside the Magnificent Seven have been leading the indices for most of this year. Market leader Nvidia (NVDA) fell 4% last week and is down another 2% at the time of writing. “Most subsectors were net sold on the week, led in notional terms by Semis & Semi Equip…

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Filed under: News - @ June 25, 2024 11:12 pm