S&P 500 trapped the bears again Monday, call right on the money. Yields are though less willing to retreat, and the upswing (10y through 4.50%) is here – with Powell heading to testify, we have plenty to look forward for as markets are adjusting to fewer cuts and coming later as talked in your extensive Sunday‘s article.

USD is also moving up, but the real shift, amongs the right gold, oil and equities calls delivered for clients, is to be found in S&P 500 sectors, and continued broadening of leadership (we got a daily XLF hiccup, right before the testimony and inflation data) with not Mag 7, but other names stealing the spotlight as talked in today‘s packed video.

Certainly, the Friday hits are taking less time to recover Monday and Tuesday, but I‘m wary of seeing a sectoral constellation of yesterday – I‘m diving into the details in the full article. Let‘s start with the yields chart, and what it‘s doing to tech today premarket (SMCI key event today really, and I am leaning bullish, same for NVDA if the earnings turn out well, much volatility ahead – implications talked with clients, what to expect before and after). Did I mention the steel and aluminum tariffs, which formed part of my late day predictions not just as regards oil?

(Click on image to enlarge)

(Click on image to enlarge)

More By This Author: