• Tuesday: McCormick & Co is in the spotlight, with expectations set at an EPS of 0.5738 against a forecast revenue of $1.55B.
• Wednesday: Attention turns to Cintas and Paychex, with Cintas anticipated to hit an EPS of 3.57 and Paychex aiming for 1.37, reflecting the health of the employment sector. Carnival Corp is also on deck, with projections of narrowing its loss to an EPS of -0.1733 and aiming for revenue of $5.33B, shedding light on the travel industry’s recovery pace.
• Thursday: Walgreens Boots Alliance aims to report an EPS of 0.8229 and revenue expectations of $35.9B, marking a crucial moment for retail and healthcare sectors.

Key Economic Events

• New Home Sales: Expected on Monday, forecasted to rise to 675K from 661K, potentially influencing real estate sector stocks.
• Durable Goods Orders: Tuesday’s focus, with a prediction of 1.2% growth from a previous -6.2%, signaling manufacturing sector health.
• Consumer Confidence & Manufacturing Data: Also on Tuesday, with consumer confidence slightly up at 106.9 and manufacturing indices providing a snapshot of industrial activity.
• GDP and Unemployment Claims: Thursday brings the final GDP quarter-over-quarter expected to remain stable at 3.2%, alongside unemployment claims forecasted at 214K.
• Fed’s Powell Speaks: Closing the week on Friday, his insights could sway market sentiment, especially any comments on interest rate directions.

This mix of earnings insights and economic indicators will be pivotal for the S&P 500’s trajectory. Investors are advised to closely monitor these developments, as they will not only reflect the current economic health but also shape expectations for the coming months.

S&P500 Price Forecast: Technical Outlook

The S&P 500 Index’s crucial pivot point holds at around $5256.66, delineating the battlefield between bullish persistence and bearish caution.

Immediate resistance levels are identified at $5279.23, extending to $5315.23 and further to $5351.83, mapping out the potential upward trajectory should bullish momentum continue.

Conversely, immediate support lines form at $5227.37, with additional safety nets at $5188.93 and $5151.41, offering a buffer against potential downturns.

Technical indicators further illuminate the market’s sentiment; the Relative Strength Index (RSI) stands at 67, teetering on the edge of overbought territory, suggesting a cautious optimism.

The 50-Day Exponential Moving Average (EMA) at 5015.11 underpins the ongoing bullish trend, highlighting the index’s resilience and upward potential beyond the immediate pivot point.