7/3 Bullish. 490 Buying | 90 Selling.
% Stocks Over 50SMA is Bullish – Caution. Primary Indicator is Bullish. 20% Weekly is Bullish.
The S&P 500 reclaimed record highs driven by mega-cap tech and AI momentum, despite weak ADP employment data, reflecting broad-based buying and sector rotation into small and mid-caps. Energy, materials, and technology led gains while healthcare and financials lagged amid earnings concerns and guidance withdrawals. Volatility remains subdued as VXX stabilizes and technicals on SPY and QQQ show bullish momentum with key support holding.
Market participants await Thursday’s June Employment Situation Report for clearer labor market direction before the holiday-shortened week.
Key Takeaway:
Focus on tech and energy sectors showing strong relative volume and momentum for swing entries, while avoiding healthcare stocks facing guidance uncertainty. Use key support levels on SPY (~616) and QQQ (~549) to manage risk, and watch for volume-confirmed breakouts above resistance. Maintain stops near support zones given the cautious optimism and upcoming jobs data.
Watchlist
Continuation: CDNS (S1: 310, S2: 308, S3: 306, R1: 312, R2: 314, R3: 316)
SHAK (S1: 140, S2: 139, S3: 138, R1: 142, R2: 143, R3: 145)
Anticipation: GOOGL (S1: 178, S2: 177.5, S3: 177, R1: 179.5, R2: 180, R3: 180.5)
AMZN (S1: 219.5, S2: 219, S3: 217.5, R1: 221, R2: 221.5, R3: 222)