Markets didn't exactly do what a lot of people expected this past week. After the US-Iran ceasefire, the result wasn't the outcome many were looking for...

Both the S&P and NASDAQ pulled back, with the NASDAQ closing down 4.59% and the S&P falling a more modest 1.94%

Sometimes the market just doesn't follow the script, and that's exactly the kind of week where it helps to look past the headlines and into the technical picture.

So here's where things actually stand.

The S&P 500 has spent the entire month of June moving sideways, stuck between its all time highs around 7,648 and support around 7,225. The structure is holding up, but the momentum behind it has faded. That matters, because if that support level breaks, there's a key lower level worth watching for where the next move could take it.

The Nasdaq is telling a slightly more optimistic story with a more bullish stance overall, even though it's also been consolidating for most of the month. Same pattern though... the structure is firm, momentum has cooled.

None of this is alarming on its own. Consolidation after a big run is normal, and June has historically been a softer month for the S&P anyway. The real tell will be which direction these levels break the next time they get tested.

A few other things worth flagging from this week...

The 10 year Treasury yield slipped a bit after a calmer inflation print. Gold posted its fourth straight losing week. And oil had the biggest move of all, dropping for the third week in a row as shipping resumed through the Strait of Hormuz.

There's also a tech story brewing that's worth keeping an eye on. Apple raised prices across nearly its entire product lineup this week, and Microsoft followed within hours with a price hike on Xbox consoles. Both companies pointed to the same cause, a historic shortage of memory and storage chips.

That's a lot happening under the surface for one week.

If you want a clearer read on what this means for your own portfolio, our team would be glad to walk through it with you, no pressure, no obligation. Just a conversation.