Equities put in a noisy, mixed week that left the S&P 500 (SPY) down -0.5%, but the NASDAQ 100 (QQQ) higher by +0.6%. Meanwhile, Commodities (DBC) took it on the chin on slowing global growth forecasts.
A negative VIX stretch offers the possibility of further healing after the Thursday slide, but short-term oscillators are otherwise neutral, providing no technical support or resistance either way. From a price level perspective, I’ll be looking at the Thursday lows (SPY $132) as support early in the week ahead, and the recent highs (SPY $136) as resistance. Enjoy your first weekend of Summer!
[Week 26 Calendars: Economic | Reporting]
Source: Mrkt_Commentary** subscription service; prior weekly posts.
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