Is this the breakout?
|S&P 500 offered the anticipated post-data pullback, and it was a volatile one – in tech more so than in S&P 500. Shaking off weak hands, clients took advantage of the pullback, and rode the probably best trending day of 2026 so far.
Even QQQ got above the troubled $626 level, though the hesitant price action before the closing bell reminds me a bit of Wednesday. Still, the glass is rather half full than half empty when it comes to the medium-term view (Monday being marked by consolidation of steep Friday‘s gains, at least before the opening bell if not later, shouldn‘t be surprising).
Precious metals also brought gains to clients as I didn‘t expect much downside when Thursday‘s support held so neatly.
What also needs pointing out, is that USD managed to nicely rise as short-term yields shot up, with the market correctly betting on rate cuts being nearer than before the jobs data.
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