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Record highs were seen on Monday, but sellers took control on Tuesday. The Wall Street Journal reported on OpenAI in a way that weighed on chipmakers, while June WTI crude oil pushed back toward $100, giving the broader market another reason to stay cautious. The S&P 500 and Nasdaq were both lower, while the Dow held up, helped by a strong quarter from Coca-Cola.
The S&P 500 Index (SPX) gapped higher at the open on Tuesday. By taking out Monday’s low and high, yesterday’s range—low at 7178.74—became the new minor top. The minor range is 7046.55 to 7178.74.
The 50% level at 7112.65 is the first downside target, followed by Gann angle support at 7088.40. If those levels fail, the market could sell off sharply toward the minor bottom at 7046.55. A break below that indicator would shift the minor trend to down and move momentum lower.
On the intermediate timeframe, the range is 6790.02 to 7178.74. The retracement zone at 6984.38 to 6938.51 is the primary downside target, though because the main trend remains up, buyers are likely to step in on an initial test of that area.
Traders also noted that a higher-high on the weekly chart on Monday increases the risk of a weekly closing price reversal top. The key level to watch is last week’s close at 7165.07.
The Nasdaq Composite (IXIC) was also under pressure shortly after the open on Tuesday. A new minor top formed at 24889.37, creating a minor pivot at 24544.19. How traders react to that pivot is expected to set the tone for the day.
If 24544.19 fails, the next support is a Gann angle at 24253.00. With the main trend up, the market could see new buyers on a break into that level. If it fails, losses may extend toward the minor bottom at 24199.00.
Taking out the minor bottom would shift momentum to the downside and change the minor trend to down. That could open the door to a further move into the short-term retracement zone at 23842.60 to 23595.56, where new buyers could appear on a test.
Last week’s close was 24836.60. Because the market is within the window for a closing price reversal top, traders are watching this level closely, particularly into Friday.
The Wall Street Journal said OpenAI’s recent revenue and user growth came in below its own internal expectations. CFO Sarah Friar raised concerns internally about whether the company can meet future computing contract obligations if growth does not accelerate. The report was cited as a factor behind broad declines in chip-related stocks.
Nvidia fell more than 2%. Broadcom dropped about 4%. Advanced Micro Devices and Intel each declined around 4%, while Oracle lost roughly 5%.
June WTI crude oil rose about 3% back above $99 per barrel. Spot Brent crude gained 2% to above $110. U.S.-Iran talks that were expected to occur were called off, with no meetings currently scheduled.
The article argued that oil does not require a fresh headline every session to keep climbing, pointing instead to supply constraints and the market pricing in additional time without progress on talks.
The Dow was bucking the broader trend, with Coca-Cola cited as the main support. The stock rose about 5% after an earnings beat in a defensive consumer name. The move was described as money rotating toward safety rather than leaving the market entirely.
Alphabet, Amazon, Meta Platforms, and Microsoft report on Wednesday, while Apple reports on Thursday. The article said elevated expectations after a big run mean the market may be less forgiving, and that one miss on guidance could lead to selling similar to what was seen on Tuesday.
It also emphasized that the weekly closing price reversal top window is open for both the S&P 500 and Nasdaq, with Friday’s close described as the most important for the week.
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