Chart done on hourly timeframe. The S&P500 notched another 2023 high last week with the help of Apple after it breached the $3 trillion market cap, the first company to ever do so. Many other companies are trading just below their yearly highs and Apple’s move may encourage bulls to press the gas on buying and move the entire tech sector higher, continuing the uptrend we’ve seen all year. Coming into this week the main focus will be about the labor market. Last month’s unemployment report showed a reading of 3.7% unemployment, up from April’s 3.4%. The small gain in the unemployment percentage isn’t a sign of concern yet, but markets will be monitoring the new report closely for changes. The biggest threat higher interest rates have is the threat of increasing unemployment and so far The Fed have managed to slow inflation without pushing unemployment into risky territory, so this week we’ll be watching for an update, expectations are still 3.7%, unchanged from last month. The second main focus this week is The FOMC Minutes report. Anytime The Fed speak or release a report, markets get a little anxious so be prepared for that on Wednesday.
SPY regained its buying volume on Friday and managed to break above the June highs, reaching 443.90 before pulling back, making that the main resistance in focus coming into the week. A move above that level has a price target of 448.00.