Equity markets enjoyed a strong 1-week recovery but seem to have more-or-less stalled out after last week. The question is, can momentum break out above these levels, or will a more ominous ‘triple top’ signal a re-test of the 2600 level (or lower) for the S&P500?
The BigFoot Economic Macro Indicator continues to slowly erode. There is still plenty of margin before any type of sell signal would be issued. However, it’s notable the trend has been weakening. Pair this with the uncertainty of trade and tariff, and it’s easier to understand how 2900 or so remains resistance for the SPX recently.
Last week’s intra-day high was 2910.61. That was Tuesday. It may be a point markets do not see this week.
Conditions remain fairly uncertain. It does not appear to be a recipe for collapse, but neither does it appear to be a recipe for things to move higher from here.
For the week, look for SPX support around 2840, with resistance at 2895.
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