S&P 500 didn‘t slide on poor retail sales, and why should it? Yields have retreated, and another day of decent rotations (tech and financials pulling higher) has kept the index little changed, while Nasdaq goes on outperforming, and that‘s a good sign speaking in general.
ES 6,115 is a decent support, top of my low 6,060s to 6,115 range – and it‘s importnat that it was overcome during hot CPI and above expectations PPI. Even XLY held almost its own. While the signs were and are mixed, I lean one way in their interpretation – be mindful though of seasonality too as we approach early Mar. In the coming data light week, focus will be on headlines, geopolitics and fundamentals.
This weekend‘s extensive video dives into yields, USD, and prospects for various assets (it‘s so rich, thanks for liking and subscribing to the daily channel!) – the gold and silver reversal (together with copper) raise some eyebrows, and that makes it crucial to focus on objective analysis of such slamming, especially when the peace dividend should work differently for precious metals, and crypto too – but that‘s a longer-term perspective. European stocks and luxury goods though get it right.
