S&P 500 Way Too Complacent
S&P 500 moved in a tight range yesterday, with a mini flash crash late in the session. Recovering back to low 6,100s is the stage set for jubilation following NFPs? Some could argue the job market is slowing down and downward revisions are more of a rule than exception, others such as myself would point to a bar set precariously low (I‘m looking at private payrolls). Actual figure isn‘t a stunner either way – implications lean in the risk averse direction heading into the opening bell, and then seeing some buyers again.
Couple that with sectoral clues and market breadth contradicting each other, and throw in latest yields move and USD positioning – that‘s what I‘m discussing in today‘s quick and punchy video (AMZN fell as predicted pre-earnings), answering the question of SPY rising wedge or grinding higher, stair stepping.
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