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#ES flirted with 4,115 again after that great intraday $HYG reversal portended downside #volatility when cyclicals didn‘t really point higher.
The day ended with a profound deterioration in market breadth and unappealing sectoral overview.
THREAD 👇
The day ended with a profound deterioration in market breadth and unappealing sectoral overview.
THREAD 👇
2. #tech upswing invited selling interest, while #value and especially $IWM turned strongly south.
#ES though had been relatively resilient given both #manufacturing and #retailsales hits, and today‘s data in #housing weren‘t slated to bring a disaster.
The figures are
#ES though had been relatively resilient given both #manufacturing and #retailsales hits, and today‘s data in #housing weren‘t slated to bring a disaster.
The figures are
3. obviously more optimistic than they would have otherwise been if the #housing market could clear itself by bringing in more supply, which isn‘t though a realistic expectation when #mortgage rates have been locked low in a different era of 2020-2021.
4. Similarly #retail ( $WMT, $TGT) #earnings aren‘t truly concerning – they merely underline the weakening #consumer, and more bleak expectations for Q2 figures.
The same for #realestate not being out of the woods.
For now, the #stockmarket advance remains concentrated in the
The same for #realestate not being out of the woods.
For now, the #stockmarket advance remains concentrated in the
5. top 10 (chiefly #tech) stocks, and Wednesday‘s prospects aren‘t disastrous – with no overnight fall even if #USD broke higher to 102.80, I‘m looking for another tight range muddle through day where 4,149 followed by 4,154 stand in the way, and #ES close clearly below 4,136
6. would be a nice bearish daily victory in this long lasting tight #ES #SPX range. Watching today‘s rotations chiefly for clues.
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