Weekly S&P 500 Index (SPX)
S&P 500: 7,354.02 (-1.95%), support at 6,968.90, 6,815.76 (52-week SMA), 6,815.03, 6,227.97, resistance at 7,620.90.
All major indices remain above rising 52-week SMAs, confirming an intact primary uptrend.
Outlook
The June employment report will be the week’s most important economic release, with investors looking for confirmation on whether labor market conditions continue to moderate. Manufacturing surveys, consumer confidence, JOLTS job openings, ADP employment data, and factory orders will provide additional insight into business activity and the broader economy before markets close for the holiday weekend.
Markets will also remain attentive to developments in the Middle East following the latest missile and drone attacks attributed to Iran, particularly for any impact on investor sentiment or energy markets. Combined with remarks from Federal Reserve Chair Kevin Warsh and a light earnings calendar led by Nike, these catalysts are expected to set the tone for trading as markets enter the second half of the year.
More Information in our Economic Calendar.
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