S&P 500 went through a similar daily pattern as on Monday – the weak tech, XLF and XLV telltlae signs didn‘t lie – this and gold with oil clues talked amply in yesterday‘s video. The slowly cracking tech breadth underscores the battle of narratives, the focus – soft landing vs. return of inflation forcing the Fed to raise again – as much with yesterday‘s manufacturing PMIs as with today‘s non-farm payrolls employment change. With or without Fitch downgrade, it‘s yields on the long end that carry greatest significance. The long, AI-driven resilience in tech is getting duly challenged (hello Top…

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