SPY Squeeze When
Not immediately to the ADP employment change, but following the ISM data, S&P 500 paid attention to the job market status – and another rally got checked. Nasdaq outperformance likewise, following AVGO earnings even more so. There were though pockets of strength (further discussed). The fear and positioning is for a very weak NFPs figure, and therefore I am looking for a bullish squeeze higher as the more probable scenario than continuing the slide with the same pace as before.
This is how I summed up the prognosis in our channel, and what the bond market clues look like.
(Click on image to enlarge)
(Click on image to enlarge)
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