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...Good Tuesday Morning, MPTraders! July 7, 2026...-- Today, SPCX (SpaceX) is being added to the NDX-100...-- SPCX is getting a lot of love from Wall Street SpaceX initiated with an Overweight at JPMorgan... SpaceX initiated with an Outperform at Macquarie... SpaceX initiated with a Buy at Clear Street... SpaceX initiated with a Strong Buy at Raymond James... SpaceX initiated with a Buy at BofA... SpaceX initiated with a Neutral at MoffettNathanson... SpaceX initiated with an Outperform at William Blair... SpaceX initiated with an Outperform at Bernstein... SpaceX initiated with a Buy at Needham...
Week in ReviewVolume was quite decent for a shortened week,.and the SPX closed approximately 130 points higher. The preceding week lost approximately 150 points. In other words, we haven't moved much in two weeks. In fact, one can argue that SPX has been trending sideways since the week of May 11th. Despite the major equity indexes being out of sync for some time, this high-level, sideways pattern can also be seen on the Nasdaq, albeit with greater volatility.
Today the market opened flat but held under the key resistance zone that I had been watching over the past several days, keeping the wave 2 of the larger wave (c) down topping count in play. We began to move lower in the late morning session, but the move stalled out and developed a three-wave move down off of the highs. So while holding resistance is keeping the wave 2 count in play, the fact that we have a three-wave start is certainly less than ideal for the most immediately bearish path.
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