S&P 500 offered a fine session to those looking for the daily advance to be dialed back. We‘ve seen another weak push higher premarket that still respected my key 4,065 – 4,080 zone. As I outlined in yesterday‘s very extensive analysis, it‘s about Powell delivering upon the bare minimum bond market expectations or not (short end of the curve)– all within the context of a larger stock bear market.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 And Nasdaq Outlook
Modest upswing rejection, leaving one more day of selling to be desired. Powell can deliver that catalyst, and keep it alive by leaving enough of tightening guessing room available for non-farm payrolls and CPI. 4,015 would be a support harder to break.
Credit Markets
Also this bond market reversal needs more selling, especially on the junk end. The TLT move by itself is though promising enough. Risk-off winds howling in the distance.
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