[DAILY TRADING] S&P 500, 24 June 2026 – Slips to 7,402 Ahead of Micron Earnings
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Updated Wed, 2026 June 24 06:57
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The S&P 500 index (Vantage SP500 CFD) sat near 7,402.54 as of 05:51 UTC on 24 June 2026, down 0.04% on the session and roughly 3% off its 21 June peak. SP500 today is shaped by a two-day chip-led sell-off and three catalysts traders are watching before the US close: Micron Technology earnings after market, Fed bank stress test results at 20:30 GMT, and May new home sales at 14:00 GMT.[1]
All prices are sourced from the Vantage SP500 CFD feed and the TradingView setup used for this analysis as of the cut-off time above. This is not financial advice.
Key Points
- S&P 500 index near 7,402 as of 05:51 UTC, just above the 15M 200-period MA (7,398.76) and below the 15M 50-period MA (7,448.08) on the TradingView setup.[1]
- S&P 500 performance over 22-23 June was dragged lower by memory chip names: Micron fell over 10%, Marvell shed around 9%; defensive sectors (real estate +1.38%, healthcare +1.24%) outperformed.[2]
- Micron earnings (consensus EPS near $20, per FactSet) after today’s close are the most immediate read on AI infrastructure demand, and a key swing factor for S&P 500 outlook this week.[3]
S&P 500 Chart: What the 15-Minute View Shows
The S&P 500 chart shows price peaked just below 7,550 around midday on 21 June before a sharp two-day retreat that found a low near 7,360 on 23 June. Price has partially recovered to 7,402, sitting in the gap between the two MAs.
The 50-period MA at 7,448.08 is declining and sits above current price, acting as overhead resistance. The 200-period MA at 7,398.76 is the immediate floor. The RSI(14) on the TradingView setup reads 53.39, rebounding from oversold territory (below 20) reached during the 23 June low. The RSI has crossed back above its moving-average overlay (49.70), coinciding with the price recovery. Learn how to start trading share CFDs at Vantage Markets here.
Behind the S&P 500 News: Chips, Rotation, and the Fed
This week’s volatility accelerated after heavy losses in South Korean semiconductor stocks spread across global technology shares. Micron Technology fell over 10% on Tuesday, putting it on track for its worst session since 5 June 2026. The sell-off was described by Schwab analysts as a stress test for a crowded leadership group after a strong AI-driven run, rather than a broad macro breakdown. [4]
Rotation was clear: consumer staples rose 1.7% mid-session on 23 June 2026, with Walmart up over 2%. Real estate led all 11 S&P 500 sectors with a 1.38% gain. Communication services was the laggard, down 3.83%, with Alphabet losing around 5% on 22 June 2026 on reports of AI talent departures. [2]
On the macro side, nine of the 18 officials who submitted dot plot projections anticipated at least one rate hike in 2026 from last week’s FOMC, and new chair Kevin Warsh’s press conference, which markets read as hawkish, coincided with the US dollar index climbing above 101, a 2026 high. JPMorgan noted that while recession concerns remain low, rate-hike expectations are a source of near-term indigestion for US equities. [5]
S&P 500 Index: Key Levels
| Zone | Price | Type | Context |
| 15M 50-period MA | 7,448.08 | Resistance | Trending lower, above current price as of 05:51 UTC |
| 15M 200-period MA | 7,398.76 | Near-term support | Price hovering just above; key level to watch on session |
| 7,370-7,380 gap-fill | 7,370-7,380 | Support | First technical floor cited post sell-off |
| 7,300 psychological | 7,300 | Deeper support | Next level if 7,380 fails to hold |
Table 1: Key S&P 500 CFD levels as of 05:51 UTC, 24 June 2026. Sources: TradingView (Vantage platform), Charles Schwab Market Update. Indicative only.
What to Watch
- Micron (MU) Earnings, 24 June 2026, after market close: Consensus EPS near $20, per FactSet. A clean print may ease S&P 500 performance pressure on tech; a miss may deepen chip sector selling.[3]
- Fed Bank Stress Test Results, 24 June 2026, 20:30 GMT: Bank stocks in focus; results may signal dividend or buyback capacity across major financials.
- May PCE and Q1 GDP Final, 25 June 2026: The Fed’s preferred inflation gauge and GDP final read. Combined, these are the next key data points for rate expectations.[5]
Stop Loss and Exposure
With price sitting just above the 15M 200-period MA (7,398.76) and headline events due across the session, traders with open positions may wish to review Stop Loss placement relative to the 7,370-7,380 support zone. Micron earnings and the stress test results both have the capacity to move the S&P 500 index sharply in either direction on the session.
Leverage and Position Sizing
Trading the S&P 500 via CFDs involves leverage, which amplifies both potential returns and losses. In a session with multiple scheduled risk events, standard intraday range assumptions can break down quickly. Reviewing position sizing relative to account equity before the US open is worth considering, particularly ahead of after-hours earnings.
RISK WARNING: CFDs are complex financial instruments and carry a high risk of losing money rapidly due to leverage. You should ensure you fully understand the risks involved and carefully consider whether you can afford to take the high risk of losing your money before trading.
Disclaimer: The information is provided for educational purposes only and doesn’t take into account your personal objectives, financial circumstances, or needs. It does not constitute investment advice. We encourage you to seek independent advice if necessary. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research. No representation or warranty is given as to the accuracy or completeness of any information contained within. This material may contain historical or past performance figures and should not be relied on. Furthermore estimates, forward-looking statements, and forecasts cannot be guaranteed. The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
References
[1] “S&P Index Cash CFD (USD) – TradingView via Vantage Markets” https://www.tradingview.com/symbols/CAPITALCOM-US500/ Accessed on 24 June 2026.
[2] “Stock market news for June 23, 2026 – CNBC” https://www.cnbc.com/2026/06/22/stock-market-today-live-updates.html Accessed on 24 June 2026.
[3] “Catalyst Watch: Micron earnings and bank stress tests – Seeking Alpha” https://seekingalpha.com/news/4604927-catalyst-watch-micron-earnings-amazon-prime-day-and-stress-tests-for-major-banks Accessed on 24 June 2026.
[4] “Tech Stress Test: Chips Slammed in Early Plunge – Charles Schwab” https://www.schwab.com/learn/story/stock-market-update-open Accessed on 24 June 2026.
[5] “Dow Jones, Nasdaq, S&P 500 preview: Micron earnings, PCE data – Investing.com” https://www.investing.com/news/stock-market-news/dow-jones-nasdaq-sp-500-preview-micron-earnings-pce-data-to-test-the-rally-4752119 Accessed on 24 June 2026.
[6] “S&P 500 closes lower as tech stocks slide – CNBC” https://www.cnbc.com/2026/06/21/stock-market-today-live-updates.html Accessed on 24 June 2026.
[7] “The Week Ahead: PCE Inflation and Micron Earnings – FX Empire” https://www.fxempire.com/forecasts/article/the-week-ahead-pce-inflation-data-and-micron-earnings-take-center-stage-1605726 Accessed on 24 June 2026.
[8] “Stock market today: Nasdaq slides as Big Tech hammered – Yahoo Finance” https://finance.yahoo.com/markets/live/stock-market-today-monday-june-22-225817825.html Accessed on 24 June 2026.
