The markets kept climbing last week, with both the S&P 500 and Nasdaq posting record highs. This week is a shorter trading week, but don't let that fool you — the economic calendar is packed with major data that could shape the Federal Reserve's thinking heading into the June FOMC meeting.
Here's what I'm watching on the S&P 500: the index is in a strong uptrend with positive structure and momentum. We had a minor pullback last week, but the S&P pushed through the previous ceiling at 7,500. The key level to hold is support at 7,340 on any pullback. A break above 7,550 opens the door to new record highs.
The Nasdaq picture looks similar. Short-term support sits at 28,557, with new record highs up at 30,379.
The big question this week is how the incoming economic data lands and what signal it sends to the Fed about their path forward in June.
Stay positioned. Stay informed. The market doesn't slow down just because the week is short.
— Ramie Khalil, Fortress Financial Newsletter, May 27, 2026