NFPs came in way weaker, yet yields refused to keep retreating throughout the day (great one to profit in both equities and gold) – and stocks were still refusing to budge. Opening bell run higher in indices lasted for more than two hours, and got checked only then – reversing, basing and meekly turning up before the closing bell.
Sizable upper knot daily candle in what‘s still looking as a large range, with very weak breadth characteristics. Increased concentration, and only tech, XLY and XLI solidly up on the day. XLF didn‘t really perform well – are they going to roll over some more, or this two-day basing pattern is enough? What are the appropriate expectations to have regarding S&P 500 and Nasdaq when we haven‘t seen an emphatic, exhaustive yields spike and retreat move?
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