Squeeze into AMZN

S&P 500 daily bullish call worked better than expected, and the road from META till AMZN earnings was indeed free from from bearish setbacks. Neither AMZN earnings aftermath did sink stocks, and the following call has also turned out true – the consolidation expected earlier in the European session and well before core PCE data announcement materialized as well.

France data on inflation and consumer strength though paint a worrying picture down the road, and that would force reappraisals of Fed tightening ultimately in the States too. My call for persistent and sticky (stickier than the central bank would be comfortable with) core inflation did also come to fruition, and for all the stock buybacks lifting up shares, would catch up with the stock market – and USD agrees.

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Let‘s move right into the charts.

Credit markets

This isn‘t a risk-on turn to trust, and quality debt instruments are to keep doing better than junk corporate bonds over the coming weeks. Poor market breadth wouldn‘t lift stocks and sort itself out along the way – the tech behemoths would once again find themselves leading the charge when much of the troops refuse to advance. We‘re still away from that moment though.