This week’s JOLTS data (June 3, 2025) paints a mixed labor market: job openings unexpectedly jumped to 7.39 million in April—beating forecasts and signaling strong demand. Hiring surged to a nearly one-year high, while the openings-to-unemployed ratio stayed steady at 1.0x, above its long-term average. Layoffs edged up but remain low, underscoring ongoing market resilience
Today’s initial jobless claims, however, rose by 8,000 to 247,000—the highest since October—hinting at a slight softening in the job market, especially given the Memorial Day holiday timing. While current claims remain below historical highs and the market stays resilient, Friday’s May employment report will provide a clearer picture of hiring, unemployment, and wage trends.
This trio of releases acts as an economic stress test, with each result potentially shifting market sentiment. Any further signs of weakness could renew recession worries, so investors should stay alert for volatility and policy impacts in the days ahead.
Today, we’re shifting gears from our customary big-picture macroeconomic focus to bring you a detailed technical analysis of the S&P 500 (SPX). Below, you’ll find a summary of our latest assessment, which draws on a variety of indicators to help illuminate current market dynamics.
Investors can expect the S&P 500 to demonstrate continued resilience in the near term, with the potential for measured gains should it break through key resistance levels. However, the market is likely to remain choppy, characterized by range-bound trading until a clearer directional signal emerges. While a significant rally is not assured, downside risk appears limited unless critical support is breached. Stay attentive to market volatility and be prepared for news-driven fluctuations.