Market technical assessment: bullish intermediate-term

PARAGRAPH 1 --- What happened: The S&P 500 hit all-time highs on June 28, gaining 3.6% for the week, with the S&P 100, S&P MidCap 400, and S&P SmallCap 600 indices also reaching record levels. This bullish momentum continued into the following week, with the S&P 500 rising for an eighth straight week, accompanied by gains in the Nasdaq, S&P MidCap 400, Russell 2000, and S&P SmallCap 600 indices. However, the market faced volatility on June 30, with Alphabet (GOOGL) and Tesla Motors (TSLA) plummeting 7% and 14.5% respectively after earnings reports, and WTI crude oil surging 9% to $90 per barrel.

PARAGRAPH 2 --- Market impact: The broad market rally was driven by strong performance across indices, with technology stocks being the primary force behind gains. However, the rally was punctuated by sector-specific volatility, as seen in the sharp decline of GOOGL and TSLA, which impacted the broader market. The surge in WTI crude oil prices also had market-wide implications, affecting energy-related stocks and potentially influencing inflation expectations.

PARAGRAPH 3 --- What to watch next: Investors should closely monitor earnings reports from major technology companies, as they have been a significant driver of market performance. Upcoming earnings include Corning (GLW), Seagate Technology (STX), and KLA Corp. scheduled for the following week. Additionally, the market will be watching for further developments in the energy sector, particularly any changes in crude oil prices, which could impact inflation expectations and market sentiment. Lastly, investors should pay attention to any technical support or resistance levels that the S&P 500 and other indices may approach, as these could influence market direction in the near term.