The last day of the quarter and first half of the year saw a tremendous rally on the prospect of European cooperation to support banks directly rather than through countries, reducing individual sovereign risks and borrowing costs.
The final week capped off a strong month, with the S&P 500 (SPY) higher by +2.0% and +6.7% for one and four week periods, respectively. While markets are now broadly overbought, the strong momentum, turn of month/quarter, and holiday seasonality should support higher highs ahead.
Note that Tuesday is a half-day session and markets are closed for the entirety of Fourth of July Wednesday. Enjoy your holiday shortened week!
[Week 27 Calendars: Economic | Reporting]
Source: Mrkt_Commentary** subscription service; prior weekly posts.
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