S&P 500 at stall speed
|S&P 500 pulled back yesterday, the market breadth weakened on a daily basis, and volatility metrics found a local low to spend some time moving around (way more details in the article sections below) – today‘s fast video is presenting the picture in charts clearly. With no more bad tariff headlines on the horizon (Trump‘s remark to Tim Cook of AAPL about not building in India can be disregarded from the index perspective, I focus more on the semiconductors‘ UAE aftermath.
Today‘s data are a mixed bag for the real economy, but less so for equities. I mean hereby especially the PPI consequences for corporate profitability while unemployment claims didn‘t negatively stun. So, I‘m watching ES range and broadening breadth prospects during today‘s session, with clients swing and intraday being already in the picture as to what I‘m expecting for today (gold with silver are sending a fine message in unison just as much oil through the Iran agreement expectations).
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