S&P 500 rose but couldn’t hold highs; focus now is on support near Sunday’s Globex open as yields drop and USD falls below 98.
S&P 500 rose Monday with tech leading the charge as predicted (fine rotation), and then with all the government shutdown and end of quarter positioning (volatility is to rise more than VIX or VVIX imply), refused to close anywhere near the daily highs. For context though, Tuesday premarket sideways action is still at the level of Sunday‘s Globex open – so where will the support emerge, and what clues can be gathered from retreat in yields sending USD back below 98?
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