Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

S&P 500 LOSES ITS FOOTING, BUT BULLS AREN'T OUT YET

The S&P 500 .SPX has been having a tough time gaining traction. Since mid-May, the benchmark index has largely moved sideways, shedding about 1.6% last week to finish at 7,457.69.

That leaves the index roughly 2% below its June 2 record close of 7,609.78 and about 2.1% beneath its June 2 intraday record high of 7,620.90.

Friday's close also carried some technical significance. The S&P 500 finished below its 50-day moving average for only the second time since early April. It also ended below a weekly Gann line that it has been trading around for months. Gann lines are drawn at specific angles from important highs and lows to help identify future support and resistance levels, as well as potential market turning points.

Heading into Monday, the 50-day moving average (DMA) is expected to rise to around 7,470, while the Gann line should come in near 7,485. That said, with e-mini S&P 500 futures Escv1 up about 0.4% before the open, the index may get an early chance to reclaim both levels.

Looking higher, the July 10 peak at 7,579.83 is the next obstacle before the record highs come back into view. If the S&P 500 can push into fresh record territory, attention could shift toward the 8,000 mark as the next major upside target.

On the downside, traders will be watching the July 8 low of 7,421.82. A break below that level could suggest selling pressure is building. In that case, the next support areas are the June 26 low at 7,294.18 and the June 9 low at 7,237.85.

The rising 100-DMA will be just over 7,150 on Monday.

If weakness accelerates beyond those levels, the 7,000 area could come into focus, with the rising 200-DMA potentially offering additional support.

(Terence Gabriel)

*****

EARLIER ON LIVE MARKETS:

U.S. CONSUMER DISCRETIONARY LEAST CROWDED IN 25 YEARS CLICK HERE

DIESEL PREMIUMS ARE STARTING TO FLASH RED CLICK HERE

MID-TERM YEARS HAVE A HABIT OF DELIVERING A SCARE CLICK HERE

MOONSHOT AI LAUNCH HAS TRADERS REVISITING "JEVONS PARADOX" PLAYBOOK CLICK HERE

AIRLINES DROP, BUT TECH BOUNCE AND ENERGY KEEP STOXX AFLOAT CLICK HERE

BEFORE THE BELL: OIL SURGE, HIGHER YIELDS KEEP EUROPE CAUTIOUS CLICK HERE

RISING OIL, YIELDS RAIN ON AI PARTY CLICK HERE