US OPEN: Muted start to the week

• Yellen says Fed rate hike a ‘plus’
• US stocks little changed at the beginning of the week
• Jeff Bezos to travel to space after stepping down as Amazon (AMZN.US) CEO

US indices launched today's session flat after investors digested recent comments from US Treasury Secretary Yellen which told Bloomberg that President Joe Biden’s $4 trillion spending plan would be positive for the country, even if it contributes to rising inflation and results in higher interest rates. Elsewhere, Democrats will start the process Wednesday of preparing an infrastructure bill for a vote in the House, with or without Republican support. Meanwhile, G7 finance ministers on Saturday agreed the landmark deal to reform the global tax system. This week investors’ attention will focus on the G7 leaders' summit and the US CPI report.

US100 is testing the upper limit of the triangle pattern. Should a break higher occur, then upward move may be extended to the all-time high at 14086 pts. On the other hand, if sellers manage to regain control then long-term upward trendline should act as the nearest major support. Source: xStation5

Amazon.com (AMZN.US) – CEO Jeff Bezos announced that he and his brother Mark will be aboard the first human spaceflight by Blue Origin on July 20. Also Bezos is set to step down as Amazon CEO on July 5 in favor of Andy Jassy.

G-III Apparel (GIII.US) stock surged more than 5% in premarket after the company posted upbeat quarterly figures. Apparel maker earned  53 cents per share, compared to analysts' expectations of 15 cents a share. Revenue also beat market estimates. Company provided an upbeat full-year outlook, noting growth in sales of its sportswear and wear-to-work attire. 

Tesla (TSLA.US) CEO Elon Musk announced that his company pulled the planned production of its Model S Plaid Plus, a high-end version of the Model S with a projected range of 520 miles which would have been Tesla’s longest-range vehicle. However Model S Plaid – with a projected range of 390 miles – is set to be released next week.

AMC Entertainment (AMC.US) stock jumped 2.5%, GameStop (GME.US) stock added 1.2% and Blackberry (BB) stock rose 1.7%, as these so-called meme stocks extended last week’s upward move, although volatility is lower compared to recent days.

AMC Entertainment (AMC.US)- sellers failed to break below the lower limit of the triangle formation at the end of last week. Today one can see that buyers took the initiative and price broke above the 38.2 Fibonacci retracement of the recent upward wave. If the current sentiment prevails, the upward move may be extended to the resistance at $59.56 which is marked by 23.6 Fibonacci retracement. On the other hand, if sellers will manage to regain control, then support at $35.62 may be at risk. Source: xStation5