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US Market Technicals Ahead (28 June – 2 July 2021)The second quarter is ending. Global stocks are on track to post their second strongest H1 gains since the turn of the century, but the second half looks harder to predict. All eyes turn to the US employment report on Friday, with investors hopeful for signs of improvement in the labor market after two months of slower than expected jobs growth. Meanwhile, the ISM Manufacturing PMI survey should point to a strong pace of expansion in factory activity, not far from March's 37-year high and despite the ongoing supply constraints. President Joe Biden’s $1.2 trillion infrastructure deal will continue to boost U.S. markets, but other concerns remain. Elsewhere, OPEC+ meets on Thursday with expectation to offer guidance into the coalition's production plan. Energy traders are anticipating another production increase as the demand outlook continues to recover. Here’s what you need to know to start your week. S&P500 (US Market) The benchmark index $SPX rallies to all time high, posting a weekly gain of +3.17% (+131.8 points), closing at 4,285 level. It is important to remain cautious of last week's rally as volume displayed was lacking, and seasonality is still in play. End of quarter 'window dressing' by portfolio managers could be a reason for the 'mark-up'. $SPX have now rebounded off the breach of its 20D and 50DMA (key levels highlighted last week), remaining within the trend channel established since early November 2020. The immediate support to watch for $SPX this week is at 4,135 level; a pivot low confluence with trendline support break. Jobs report The June nonfarm payrolls report is expected to show that the economy added 675,000 new jobs, pushing the unemployment rate down to 5.7% from 5.8%. With concerns over rising inflation and the strength of the recovery to the fore of investors’ minds, markets will also be looking at other labor market statistics, including wage growth and labor force participation. Last week Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to encouraging a "broad and inclusive" recovery in the labor market, adding that there is still a long way to go, and that support is still needed. Economic data Ahead of Friday’s jobs report, markets will get updates on pending home sales, ADP private sector payrolls, jobless claims and ISM manufacturing activity. The ISM data is likely to underline strains on the supply chain that are pushing up costs, boosting the chances that inflation will remain at higher levels for longer. OPEC+ meeting The Organization of the Petroleum Exporting Countries and allies, known as OPEC+ will hold a series of meeting in the coming week to review the situation in the global oil market ahead of an official meeting on Thursday. Thursday’s meeting is expected to result in another boost in output as the demand outlook continues to recover. Oil prices climbed to their highest since October 2018 on Friday, putting both benchmarks up for a fifth week in a row.
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by jfsrevg
US Market Technicals Ahead (14 June – 18 June 2021) The Federal Reserve two-day policy meeting is the main event event for the markets this week, although the central bank is not expected to take any action but maintain an ultra-loose monetary stimulus. All eyes will turn to comments from Fed Chair Jerome Powell for clues about the central bank's latest view on inflation. While the outcome of the Fed meeting will take the limelight, investors will also be looking closely at economic data on U.S. retail sales and producer prices for an update on the strength of the economic recovery. Here is what you need to know to start your week. S&P500 (US Market) $SPX rose +0.41% (+17.4 points) for its third straight positive week, closing at a all time high level of 4,250. Investors are giving growth stocks another chance as bond yields come down. The 10-year Treasury went below 1.43% on Friday, a three-month low. Stock markets are likely to tread water, with investors reluctant to take new positions ahead of Wednesday’s Fed statement which will be scrutinized for clues regarding its timetable for raising interest rates. $SPX continues to reflect a minor bearish divergence as highlighted last week. The immediate support to watch for $SPX is now at 4,165, a breakdown of its classical support, along with 20D and 50D major moving averages. Fed meeting Investors will be zeroing in on the Fed's statement at the conclusion of its two-day policy meeting on Wednesday against a background of persistent concerns over whether inflation spikes could pressure the central bank to start tapering its stimulus sooner than expected. The Fed has repeatedly said that near-term price spikes will not translate into lasting inflation and Chairman Jerome Powell is expected to stick to this stance and reassure markets the Fed’s policy will remain accommodative. While inflation numbers are rising, the recovery in the labor market remain sluggish. The economy added 559,000 jobs last month after gains of just 278,000 in April. That left employment about 7.6 million jobs below its peak in February 2020. Most analysts are not expecting the Fed to begin discussing scaling back its asset purchase program before its annual conference in Jackson Hole, Wyoming, in late August. Economic data Away from Fed meeting, the U.S. is to release May data on retail sales and producer price inflation on Tuesday. Also out on Tuesday is industrial production data which will be closely watched amid issues over supply constraints and labor market shortages. This could translate into increases in producer price inflation. The economic calendar also features reports on housing starts and initial jobless claims. Data on Thursday showed the number of Americans filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months as the reopening continues. Meme Stocks Mania Meme stocks could also remain in the headlines after a volatile ride last week. GameStop ($GME) hit a high of $344.66 Tuesday and dropped as low as $206.13 Friday before closing at $233.34 per share. Besides meme stocks, Treasuries could also be in focus after an unexpected slide in yields. There was a major move in the rate of the benchmark 10-year, watched most closely by investors, as it influences mortgages and other important lending rates.
ULong
by jfsrevg
SPY 422.60 + 0.91 % SHORT IDEA * REVERSAL PATTERNS & PRICEHELLO EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE IN THE MARKET THIS WEEK, HERE'S A LOOK AT THE S & P 500 INDEX. That has been trading in a rising wedge looking for a shift in momentum of the index should we push down with the bears to see a break below of structure looking for sells on the index a break above of the support level signals continuation and cancels the trading idea. * follow your entry rules on entries * significant moves with the bears change the plan. lets see how it goes. many stars must align with the plan before executing the trade, kindly follow your rules. HAPPY TRADING EVERYONE & LET YOUR WINS RUN... _________________________________________________________________________________________________________________________ ENTRY & SL - FOLLOW YOUR RULES RISK-MANAGEMENT PERIOD - SWING TRADE __________________________________________________________________________________________________________________________ If this idea helps with your trading plan kindly leave a like definitely appreciate it.
AMEX:SPYShort
by PULEMokhothu
2
S&P 500 - Elliott Wave Analysis - CorrectionHi All, What a strong close today for SPY. It certainly took Bears on surprise, the bigger surprise was Nasdaq strong pull back to green as there's a lot of FUD around inflation, which is true but FAANG stocks are too cheap to be ignore for long. Again, correction can be very tricky, I'll not assume or jump into any conclusion, we're still sitting in correction, and there're various ways Eliott's Correction can take place in ABC pattern, so place your bets accordingly. Good luck.
SP:SPX
by ActorBay
3
SPY IMPORTANT LEVELSThe whole week spy has been pretty choppy but managed to stay above the critical 416.32 support. If bulls manage to keep it above that level, we may get to see SPY fill that gap to the upside. The critical level SPY needs to pass is 420. If it doesn't I suspect we will see this choppy market continue and spy will likely trade between 416.32 and 420 until it breaks to the upside or downside. We saw good earnings by companies only to sell off (AMD, AAPL, AMZN for example). I think we will likely see more selling on good earnings and remain choppy until earnings season is over. Just some quick thoughts.
AMEX:SPY
by AfuOptions
SPY: 3,2,1 Blast OffBuyers have yet again taken price above a low volume buy bar. Price went above the low volume bar of April 13th and those three following bars were "normal" volume days which is a strong indication that the buying is strong and we are definitely headed higher. There might be a small correction but it is highly probable we are going to continue to put in new highs on the S&P. According to the daily chart as it is right now, 4,300 on the S&P is a reasonable price target.
AMEX:SPYLong
by Steven7960
4