The Day Ahead: AM Edition 2025-07-02

Last full day of the week

I’m going to limit my post to the S&P 500 today. It’s a holiday week and I slept in.

S&P 500 Futures

My hypothesis of sideways to lower is playing out so far. Futures have been falling since the ADP numbers were soft. Prefer a little lower this morning but can’t count on lower than 6233.00.

Consolidation just under the high in futures

Probably late in (IV)