S&P 500 – Breaking The Range

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S&P 500 corrective move indeed ruled yesterday, but no important support was breached on a closing basis. While market breadth is nothing to write home about, and financials daily candle looks ugly, I don‘t see a sharp stock market downswing breaking through yesterday given support levels, as likely or imminent. It was though only oil that took advantage of USD relief rally sputtering – and to a certain degree copper while precious metals remain in wait and see (vulnerable short-term) position. Bonds though favor a risk-on resolution, no matter the creeping in 5.50%+ or even 6% Fed funds rate …

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