S&P 500 closed at record 7,165 last week - up 0.5% despite some chop.
Here is how I see this week:
- Range likely 7,100-7,300 based on current momentum
- Earnings season has been solid so far, supporting valuations
- AI demand narrative still driving tech/semis
The trend is clearly up but we are getting extended. That 7,100 level is key support - lose that and we could see a quick pullback to 7,000.
My positioning:
- Core longs in AAPL, MSFT, NVDA (nothing new here)
- Raised some cash last week (now ~15%)
- Watching for any dip toward 7,100 to add
Not chasing up here. Patience pays - either we break higher with volume, or we get a better entry on a pullback.
What is your read on the market here?