Mixed Bag Proposition
S&P 500 didn‘t continue with the dump phase after Powell‘s conference, and also ignored data pointing to tight labor market and persisting inflation pressures. Both the 2y and 10y Treasuries rose while odds of a Sep rate cut again suprassed odds of no cut. The dollar also retreated after biting badly Tuesday, resulting in quite risk-on sectoral view of yesterday‘s S&P 500 session.
S&P 500 and Nasdaq
(Click on image to enlarge)
We got S&P 500 going up to 5,092 former support, and also through 5,100 till 5,107 as per my latest Telegram points. AAPL earnings did that, with good old massive share buybacks. $183 is what the giant needs to defend so as not to end like MSFT. The immensely important today‘s data take is to be found in the introduction to the analysis, and bears don‘t deserve more benefit of the doubt than given at the moment therein, in the snapshot.
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