Upcoming Market Events

FOMC – July Rate Decision

• Rate Decision – Wednesday, July 30 at 2:00 p.m. ET; Powell conference at 2:30 p.m.
• FedWatch: 97.4% expect no change

S&P 500 Technical Levels

• Support: 6300, then 6090
• Resistance: None; currently at all time highs

S&P 500 Forecast

After a few weeks of sideways trading, the S&P is making new highs. As long as we stay above 6300, bulls are in control.

On the flip side, momentum feels a bit sluggish. That doesn’t mean a big drop is coming, but investors may be waiting for a pullback before entering. It’s something we’re considering.

Like we mentioned in Sunday’s briefing, we think the better opportunities are in a handful of beaten-down names, not the usual big tech stocks. You’ll find our favorites in our portfolio section.

Trump, Tariffs, and Public Dissent

There was a lot of fear earlier this year around Trump’s economic approach, but so far, markets have brushed it off. Even his public shots at Powell — and pushback from other lawmakers — haven’t changed much.

The VIX, which tracks market volatility, is around 15. That’s above historic lows near 9, but still low enough to suggest investors are getting comfortable. The market tends to swing like a pendulum, and fear often spikes after periods of complacency.