Upcoming Market Events

• AMD Earnings – After the bell tomorrow, August 5th
• CPI – Next Tuesday, August 12 at 8:30 a.m. ET

S&P 500 Technical Levels

• Support: 6279, then 6090
• Resistance: 6400

S&P 500 Forecast

The S&P pulled back after testing the upper end of its bull channel — a move that suggests a broader pullback may be coming. However, today’s rebound shows the market still has strength. We’re watching to see if this is a bounce back to resistance or just a gap fill.

As I’ve mentioned in previous briefings, market breadth continues to widen. Our own portfolio — mostly made up of underperformers like PayPal, PepsiCo, and Intel — has taken a hit over the last few sessions.

When speculation is driving the market, we typically see strength across all sectors. But right now, it’s isolated to a handful of tech giants. That lack of market participation is why we’re being cautious.

The S&P just filled the gap today from Thursday’s sell off. If the market is able to march higher tomorrow, it’s likely we’ll see another retest of 6400.