Chart Advisor for July 3 2015 Tickers in this article: SPY, DIA, QQQ, IWM The U.S. markets moved lower over the shortened holiday week, following a lackluster jobs report that saw just 223,000 jobs added in June. While the headline unemployment number fell to 5.3%, there are rising concerns over the falling labor participation rate and a lack of wage growth, which the meager employment gains may not be as meaningful. Investors are also concerned over the ongoing drama in Greece, which could spill over into global markets if it becomes severe enough.
International markets followed U.S. markets lower over the past week. Japan's Nikkei 225 fell 0.81%; Germany's DAX 30 fell 3.86%; and, Britain's FTSE 100 fell 2.26%. In Europe, investors remain concerned over the fate of Greece, which defaulted on a loan to the IMF and seems reluctant to take another bailout. In Asia, China's June factory report ignited hopes that the economy may be leveling out, but investors still remain very concerned with the country's growth.
The S&P 500 SPDR (SPY) 
The S&P 500 SPDR (ARCA: SPY) fell 1.65% over the shortened holiday week. After breaking below its 50-day moving average and lower trend line, the index is trading near its pivot point at 207.91. Traders should watch for an extended move lower to S1 support and the 200-day moving average at around 203.22 or a rebound higher to retest its trend line support turned resistance. Looking at technical indicators, the RSI appears neutral at 43.37, but the MACD took a bearish turn.
Dow Jones Industrial Average SPDR (DIA)  The Dow Jones Industrial Average SPDR (ARCA: DIA) fell 1.51% over the shortened holiday week. After breaking below its 50-day moving average, the index fell below its lower trend line support to the pivot point at 177.61. Traders should watch for a move lower to its 200-day moving average at 175.10 or a rebound higher back to its 50-day moving average at 179.51. Looking at technical indicators, the RSI appears neutral at 43.49, but the MACD entered a bearish downtrend.
PowerShares QQQ Trust (QQQ) 
The PowerShares QQQ Trust (NASDAQ: QQQ) fell 1.77% over the shortened holiday week. After falling from its upper trend line resistance at around 111.00, the index moved below its 50-day moving average and lower trend line. Traders should watch for an extended move lower to S1 support at 105.43 or a rebound higher to retest the trendline support turned resistance. Looking at technical indicators, the RSI appears neutral at 44.73, but the MACD entered into a bearish downtrend.
iShares Russell 2000 Index ETF (IWM)  The iShares Russell 2000 Index ETF (ARCA: IWM) fell 3.18% over the shortened holiday week. After falling from its upper trendline resistance, the index moved below its pivot point and 50-day moving average to its lower trendline. Traders should watch for a move lower to S1 support at 121.71 or a rebound higher to its lower trendline support turned resistance. Looking at technical indicators, the RSI appears neutral at 42.56, but the MACD took a bearish turn.
Looking Ahead The major indexes moved lower over the shortened holiday week, with MACD readings indicating a bearish future ahead. Next week, traders will be closely watching the situation in Europe, as well as several economic indicators, including international trade data on July 7th, FOMC minutes on July 8th, and jobless claims on July 9th.
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