Israel launched a precision strike on Iran. Global markets fell overnight, while gold and oil prices rose. U.S. stock futures opened sharply lower. But the Middle East is far from the U.S., so the psychological impact is bigger than the actual economic effect. U.S. markets still follow their own logic.
After a sharp drop in April and strong rebound afterward, indexes are now very close to their all-time highs. In last weekend’s recap video, we warned that strong stocks were starting to stall at high levels, suggesting a possible pullback. But the market has been stronger than expected this week. The SPY held key support levels during intraday dips for several days.
Today, keep watching the $600–595 area. If the index falls below that range, a pullback may start. The key level between bulls and bears is still around $600. If the market bounces back above it at the open, it may test $605 again.
Next week includes the Fed’s FOMC meeting and the “quadruple witching” day. Institutions may adjust portfolios and prepare for Q2 earnings season. The market is entering a sensitive period, so it’s better to focus on medium- to long-term planning.
Most stocks are down before the open, except for energy and gold/silver mining stocks, which are up. Airlines are leading the losses. Reports say AAPL’s May sales grew again, returning to No. 1 in China. After falling below key support levels in the last two days, AAPL is slightly up before the open, trying to climb back to around $200.
Other key resistance levels today:
• GOOGL: $173–175
• AMZN: $210–213
• MSFT: $475–480
• NVDA: around $145
If these stocks bounce quickly back into those zones after the open, bulls may take back control.
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