It will be a busy week of July 1 with tons of economic data on tap. But the big news on Monday will come following the China/US summit at the G20. I am disappointed by the outcome to some degree. After nearly two months of leading up to the event and all the market volatility, I felt that the meeting was too short and too brief. There was nothing completed during that meeting that couldn’t have been conducted on a phone call seven weeks earlier. It was a lot of theater.
Am I happy that there is a truce and at least the overhang is removed? Of course. Would I have liked to see something more substantial? Yes. Do I think the market got enough to rise following this event? Yes, that it shall.
S&P 500 (SPY)
As I left off on Friday, the has a bullish technical pattern which has formed known as a bullish triangle. It would suggest that the index is likely heading higher in the coming days. The events from this weekend should be enough to push prices higher.
The one thing to be mindful of is a gap opening on Monday. Just remember how the market tends to fill those gap.
S&P 500, Spx, Stocks, July 1
Apple Inc (NASDAQ:) is likely to be a major winner from this weekend. Investors had a great deal of concern regarding the potential for iPhone tariffs. My view is that the stock pushes towards $209.
Apple Daily Chart
Netflix Inc (NASDAQ:) is one stock that may also continue to move higher this week towards $380.
Netflix Daily Chart