Welcome back, OP Fam! Bulls regained control to close out last week after a stronger-than-expected jobs report and optimism surrounding fresh U.S.-China trade talks. With a heavy data week ahead and key price levels in play, here’s what you need to know to start the week right.
- Wall Street Closes Higher – S&P Breaks Above 6,000 Markets wrapped up Friday on a bullish note, driven by:
A strong May jobs report
Trump announcing new U.S.-China trade talks in London
The S&P 500 broke above 6,000 for the first time since February 21
The Nasdaq Composite and Dow Jones also finished green
But optimism was tempered by rising civil unrest in Los Angeles, where the National Guard was deployed following widespread protests against Trump’s immigration agenda. Stay alert to headlines.
- U.S.-China Trade Talks Resume in London Top U.S. officials — Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Rep. Jamieson Greer — are meeting with Chinese Vice Premier He Lifeng in London this week.
The two sides are attempting to solidify a deal and avoid the resumption of Trump’s reciprocal tariffs, which are paused until August 12. Key sticking points include:
Rare earth minerals
Enforcement mechanisms
U.S. access to Chinese markets
Despite a Geneva agreement last month, tensions remain, especially with China’s May export data showing a sharp slowdown — evidence that U.S. tariffs are starting to bite.
- Key Inflation Data on Deck The week’s tone will likely be set by Wednesday’s Consumer Price Index (CPI) and Friday’s Producer Price Index (PPI) reports.
Consensus CPI Estimate (May):
+0.3% MoM
+2.5% YoY (up from 2.3%)
Traders are watching closely to see how electricity prices and tariffs are flowing into headline inflation. A hot CPI could shift expectations for Fed rate cuts.
Friday also brings the Michigan Consumer Sentiment Index, another important pulse on consumer confidence amid policy uncertainty.
- Apple WWDC Kicks Off Today, Apple ($AAPL) will host its Worldwide Developers Conference (WWDC).
The event typically sets the roadmap for the year’s software innovation. According to Bloomberg, Apple may:
Debut iOS 26, featuring AI-powered updates
Introduce a new naming structure
Preview major improvements to Apple Intelligence
Investors are hoping the event re-energizes the stock after months of underperformance.
- Oil Holds Gains After 6% Rally in WTI Brent: $66.58 (+0.2%) WTI: $64.70 (+0.2%) Crude is holding steady after last week’s surge:
WTI +6%, Brent +4% on trade optimism and supply outlook
Hopes of a U.S.-China deal are supporting the demand narrative
Energy remains worth watching as a sector that often leads or lags key inflection points.
- Index Levels & Market Structure Update Last week, we highlighted 21,500 as the breakout trigger. Bulls cleared that level and never looked back, finishing with a weekly high at 21,935 — just under our 22,000 target.
Price continues to respect higher support zones, and dips are being bought. But the broader structure remains range-bound, making reaction to new highs critical.
This Week’s Focus: 21,850 Test
We’re watching how price behaves around 21,850 — a clear range high.
If buyers break through → Upside targets = 22,000 → 22,500
If sellers defend 21,850 → Look for pullbacks to 21,500 → 21,150 → 21,000
This week is about control of the range, especially with CPI data looming midweek.
Quick Reference – Key Levels of Interest
Upside Targets:
→ 21,850
→ 22,000
→ 22,500 (pre-ATH zone)
Downside Support:
→ 21,500
→ 21,150
→ 21,000
This Week’s Notable Data Releases (ET)
Wednesday
CPI Inflation (May)
Thursday
PPI Inflation (May)
Friday
Michigan Consumer Sentiment (June)
OP Pro Tip: When price nears major inflection levels during a macro news cycle, trade smaller size and wait for confirmation. This week’s volatility will be headline-driven.
See you in chat — and if you don’t yet have access to our live stream sessions or systems like AC&I or Secret Sauce, email steve@optionsplayers.com today.
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