Rubber Band Snapping Back

Trader & Market Analyst • Oct 30, 2024 at 9:40 AM EDT

S&P 500 opened with a flush to the 5,840 target, but then started a slow grind higher driven by tech and communications.

S&P 500 opened with a flush to my 5,840 target, but then started slow grind higher driven by tech and communications. Yes, I was bullish GOOGL and AMD earnings – the first delivered smashing, the beat of the second one wasn‘t deemed impressive (cash flow reason), but still the data centers story has positive consequences for a broad universe incl. AMZN and META.

The day brought also consequences for select sectors discussed in the caption below – I‘ve been talking already last week about yields about to make a local top soon, and about the anatomy and consequences of elections positioning, which trades have gotten traction in last weeks, and what that means going into next week – aka how far and for what reason will the rubber band snap back.

S&P 500 and Nasdaq

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Also Mentions:

HYG SPX IEF

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