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The S&P 500 has rotated in proportion to the quadruple magic, but what has changed? Are the prospects for a longer-term rise in PMIs coming in slightly above expectations? Not so, as the odds of no cut in September are still comfortably low at 34%. Although the soft landing wasn’t exactly supportive, did that force any movement to speak of, even on the short end of the curve? Look at the non-clustering Schedule Below, then at the turbulent and worrying area, place the adjective of your choice, market breadth in the S&P 500.
Source: www.stockcharts.com
Source: www.stockcharts.com
But what about the dollar, USD/JPY in March, Norinchukin fear mongering, NVDA insider selling and its two-day drop of about 10%? Do the technical charts show damage, a lot of damage? You only see the market breadth paused as rotations take place from the NASDAQ to some discretionary entities and telecommunications companies, to name a few. Industries also held up well during the dollar’s rise.
So, the only metal that was really affected during the PMIs on Friday was precious metals, where a move as significant as that of oil is on the horizon.
