Momentum & Leadership:
The index hit another record high yesterday (+0.44%), with strength again concentrated in tech and the Magnificent 7. Nvidia’s AI-driven deal with OpenAI (+3.93%) fuelled risk appetite and extended the rally. YTD gains show a narrow breadth: S&P 500 +13.8% vs equal-weighted S&P +7.7%.
Macro Data Today:
PMIs (US, UK, Eurozone, Germany, France): Watch for signs of resilience in services vs persistent weakness in manufacturing. A softening read could weigh on cyclicals but leave tech defensives relatively insulated.
US regional activity (Philly Fed services, Richmond Fed manufacturing, business conditions): Key for growth sentiment after mixed signals in recent weeks.
Q2 current account balance: Low market impact.
Central Banks:
Fed Chair Powell, Bowman, Bostic: Powell’s remarks could influence rate cut expectations post-FOMC. A cautious tone might temper equity momentum, while dovish signals could extend the rally.
Trading Implications:
The S&P’s rally remains narrowly led by tech/AI, leaving breadth weak.
Today’s PMI prints and Powell’s speech are the main potential volatility drivers – stronger growth data may challenge Fed easing expectations (pressuring valuations), while softer data could reinforce rate-cut hopes and keep the rally alive.
Watch semiconductors and Mag-7 for leadership; broader market participation is still lagging.
Key Support and Resistance Levels
Resistance Level 1: 6726
Resistance Level 2: 6747
Resistance Level 3: 6770
Support Level 1: 6655
Support Level 2: 6627
Support Level 3: 6605
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
The index hit another record high yesterday (+0.44%), with strength again concentrated in tech and the Magnificent 7. Nvidia’s AI-driven deal with OpenAI (+3.93%) fuelled risk appetite and extended the rally. YTD gains show a narrow breadth: S&P 500 +13.8% vs equal-weighted S&P +7.7%.
Macro Data Today:
PMIs (US, UK, Eurozone, Germany, France): Watch for signs of resilience in services vs persistent weakness in manufacturing. A softening read could weigh on cyclicals but leave tech defensives relatively insulated.
US regional activity (Philly Fed services, Richmond Fed manufacturing, business conditions): Key for growth sentiment after mixed signals in recent weeks.
Q2 current account balance: Low market impact.
Central Banks:
Fed Chair Powell, Bowman, Bostic: Powell’s remarks could influence rate cut expectations post-FOMC. A cautious tone might temper equity momentum, while dovish signals could extend the rally.
Trading Implications:
The S&P’s rally remains narrowly led by tech/AI, leaving breadth weak.
Today’s PMI prints and Powell’s speech are the main potential volatility drivers – stronger growth data may challenge Fed easing expectations (pressuring valuations), while softer data could reinforce rate-cut hopes and keep the rally alive.
Watch semiconductors and Mag-7 for leadership; broader market participation is still lagging.
Key Support and Resistance Levels
Resistance Level 1: 6726
Resistance Level 2: 6747
Resistance Level 3: 6770
Support Level 1: 6655
Support Level 2: 6627
Support Level 3: 6605
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.