Tight SPX range meets tariffs again
|S&P 500 presented a very trappy Thursday session, not making it easy for the bears via the pre- power hour spike into 5,890s. I favored bearish outlook already yesterday, and that‘s what we really got only in the closing bell positioning by institutions. Neither the premarket gave interesting swing (let alone intraday) opportunities – narrow range with no spike to really sell into. And then the threat of 25% tariffs if iPhones aren‘t made in USA, came.
That‘s what I‘m discussing in today‘s short video alongisde yields (they got propped up by the tariff threat, unlike the dollar below 100 – not what stock market bulls would want to see. Therefore, stocks are back to technical trading following a news-driven range with 5,855 key level broken, with my 5,760 target area reached premarket (first the headfake late yesterday though…) - one rung lower, and slightly risk-on SPY view of yesterday going, going, gone.
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