S&P 500 Up into Mid-July 40-Day Cycle Peak | Christopher Grafton

General outlook: US Dollar Up (10D trough). Gold SmallUp (80D trough). Oil Pause (80D trough). Copper Up (-> 20D peak). USDJPY Up (80D trough). EURUSD SmallUp (80D trough). SPX E-minis Up (-> 40D peak). Nikkei futures Up (20D trough). Bitcoin Up (-> 20D peak). US Treasury Notes Up (-> 20D peak).

S&P 500 E–Minis (ES) - heading towards the next 40-day cycle peak. Up.

The 20-day cycle trough looks to have formed with the early June 80-day cycle upswing acting as a tailwind. We are looking for a move up into the next 40-day cycle peak.

Reference:
Christopher Grafton (July 6, 2026) - The Macro Brief - 6 July 2026.

See also:

Nicholas D. Savino (June 30, 2026) - S&P 500 Forecast for July 2026. 

Wayne Whaley (June 29, 2026) - 25-0 S&P 500 Setup for June 26 to July 15. 

David Hickson (June 29, 2026) - Hurst Cycles Update: SPX, NDX, ASX, Gold, and Bitcoin. 
Jeffrey A. Hirsch (June 25, 2026) - July Stock Market Performance in Midterm Election Years.