Daily Commentary: July 01, 2025

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Market Waiting For News

Posted by Pete Stolcers on July 01
www.oneoption.com

This week DC will be trying to pass the Big Beautiful Bill during a busy week of economic releases.

PRE-OPEN MARKET COMMENTS TUESDAY – Yesterday the market was trapped in a very tight range and it make a new all-time high in the last hour of trading. The Big Beautiful Bill will stimulate economic growth and it should be passed this week. Politicians have been pulling “all nighters”. I believe this will be the last upside catalyst for the next month.

The jobs report will be released Thursday and initial jobless claims have been elevated. JOLTs will be released after the open along with the PMI and ISM Man. I am expecting a relatively weak jobs report, but it might not spark selling. The Fed has plenty of room to ease and this safety net will keep buyers engaged.

The market has been resilient and it is not likely to dip until we get a bad dose of earnings reports combined with soft guidance. Earnings season is only a few weeks away.

Overseas markets were down marginally as global economic releases weigh on sentiment.

Don’t fight the trend. If you are skeptical of this rally, wait for dips and day trade from the long side. Keep your duration and trade count down. This is the camp I am currently in. If you feel like the market is going to race higher and if you are confident in that forecast you can get more aggressive with longs.

Lots of economic releases soon after the open. Keep your powder dry and let’s see if they have a market impact.

Support is SPY $616 and resistance is the all-time high.

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