Earnings Take the Lead as the S&P 500 Stalls and Tech Risk Builds

The S&P 500 Index (SPX) is starting the week modestly higher, up 29 to 30 points, or about 0.4%, after two consecutive down days and a roughly 1% decline on Friday. The index remains inside a developing wedge, with resistance connecting the June 2 all-time high to the latest highs. A clean break above that line could open a move toward 7,700 and possibly 8,000. A break below the lower trend line could trigger algorithmic selling and a sharp decline toward the former highs near 7,000. Until one side breaks, this remains a holding pattern.

The U.S. Dollar Index (DXY) is consolidating. As long as it holds its current zone, the pattern remains constructive, with 103.40 as the next upside target after a breakout. The Cboe 10 Year Treasury Note Yield Index (TNX) remains above 4.5%. A move through 4.7% could make the broader market noticeably more nervous. Economic data is light, with crude oil inventories, initial jobless claims, S&P Global Manufacturing PMI, and new home sales among the main releases.

West Texas Intermediate Crude Oil Futures (CL) reached almost $85 overnight as tensions between the United States and Iran continued, then fell into negative territory before recovering toward flat. The key resistance remains $87. This area repeatedly acted as support before breaking, so a return there could now attract sellers. Oil would likely have a greater market impact if it pushed back toward $100.

Gold Futures (GC) are flat to slightly negative but still holding support. If that breaks, the next area is around $3,900 or slightly below. Continued selling could bring $3,450 to $3,500 into view, with roughly $3,600 also part of that broader zone. Silver Futures (SI) are bouncing modestly but continue making lower lows. Silver keeps approaching $54 without officially reaching it, while major resistance remains between $63 and $64. Until that breaks, the bias stays negative. Natural Gas Futures (NG) are flat to slightly lower and still holding support, but the developing bear flag raises the risk of another leg down if that floor gives way.

This week is primarily about earnings, led by Tesla, Inc. (TSLA), Alphabet Inc. (GOOGL), ServiceNow, Inc. (NOW), International Business Machines Corporation (IBM), Texas Instruments Incorporated (TXN), Intel Corporation (INTC), General Motors Company (GM), GE Aerospace (GE), AT&T Inc. (T), and Newmont Corporation (NEM). IBM deserves particular attention after its warning sent the stock down more than 20% to 25%. The shares appear inexpensive relative to much of the market and are testing support, but the next report will show whether the weakness was fully priced in.

Domino’s Pizza, Inc. (DPZ) is higher after earnings, with $367 to $368 marking a major gap fill and possible intraday short area. AMC Entertainment Holdings, Inc. (AMC), still near $2, is also higher. A move toward $2.75 could offer a short setup, but the risk is very high.

Apple Inc. (AAPL) remains one of the stronger short setups after adding roughly $1 trillion in market value in three weeks. The stock is pressing into a strong trend line, and probability favors a pullback toward $315, where a former high and gap fill come together.

Semiconductors look positioned for a short-term bounce, not necessarily a return to all-time highs. Marvell Technology, Inc. (MRVL) bounced from major support and is already near $195, with potential upside toward $220 to $225. Micron Technology, Inc. (MU) is trading around $880 after reacting from support near $800 and slightly above. That area remains attractive for a bounce, but the larger expectation is still for weakness to resume later. SanDisk Corporation (SNDK) has fallen about $1,000 from its highs after analysts issued targets of $3,000 to $3,500. Stronger support sits near $1,200.

Bitcoin (BTC) continues to hold the upper part of its range and still looks constructive. A break above $65,000 could send it toward $67,000, while the inverse head and shoulders pattern still points toward $71,000 to $72,000.

The main focus is earnings, with the S&P waiting for a decisive break, Apple stretched, semiconductors attempting a temporary rebound, and Bitcoin still holding a bullish structure. The better decisions will come from waiting for the price to reach levels that clearly define risk and opportunity.