S&P 500 again rejected within sight of ATHs – again, but not totally convincingly. Especially the credit markets‘ mixed picture leans in effect slightly bullish, yet for the 500-strong index, the source of short-term worry would likely be the tech sector again. Either not pulling ahead as strongly, or taking a breather, which should be more noticeable in XLK than in Nasdaq 100. Q1 2021 hedge fund letters, conferences and more VIX looks to be done declining, and the option traders have hedged their Thursday‘s bets. Given the wavering risk-on segment of the credit markets, it‘s probably justifia…

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