ES 5,500 Support Is On Watch

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Our View

After selling off from the open, the S&P 500 was able to shake off the dip and close higher on the day. It marked the 18th straight green day on the first trading day of July. While it wasn’t a powerful rally, this is what I meant yesterday when we were talking about the beginning of the month and beginning of the quarter in-flows. 

As we turn our attention to Tuesday, it’s the last full trading session until Friday’s session. Even though we’ll get the jobs report on Friday, it should be a quiet couple of days for trading volume, especially Wednesday through Friday. 

Today Powell speaks at 9:30 a.m. ET and the JOLTs report will be released at 10 a.m. The latter, which shows job openings, held firm through the first four months of the year but has dipped in May and June. Let’s see if that trend continues. 

Either way, both events have the potential to create some intraday volatility and fire up the headline algos, so be ready for that.