Breaking, But Not Breaking
S&P 500 keepts in the tight range of late, well below the low 5,800s and above 5,735. Some of the bigger names are holding up, but having XLY and XLP go down by the same percentage amount yesterday, is food for thought. I can‘t chalk it all down to rotations – more seems to be at play, and serious capital won‘t be employed before non-farm payrolls are out of the way tomorrow.
The expectations into the figure release look to be slightly on the optimistic side – yet, what do we see before Friday in the bond market? Compare that to NVDA (mixed picture as the end of the session was marked by selling), yet risk-on clues are offered elsewhere. So, will we get unemployment claims tame, in line with Challenger job cuts below expectations? That would line up well with the still really resilient US economy.
(Click on image to enlarge)
(Click on image to enlarge)
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