S&P 500 futures recorded a minor positive today by regaining 2636. This is causing a bit of an intraday Squeeze higher.
Bonds turned lower with yields rising along with stocks, albeit the yield rise has cooled off as of mid-day.
Yields currently sit around 2.95. S&P 500 futures are pushing past 2550… but a bigger level looms overhead.
S&P 500 Trading Overview – May 4
Market breadth is about 2/1 positive this morning. Gains on the broad technology indices are a real positive for today, up more than 1%, and Financials are attempting to rebound as well.
The rally likely faces resistance near 2660 and trends are still negative overall. However, this is a minor positive for bulls and postpones any futher decline until prices reverse this move.
A move OVER 2660, while not immediaetly expected.. would be a bigger positive. Shorts have to be at least partially covered as this could extend a bit more into Monday.
A move UNDER 2630 would put the decline back on the front burner.
Twitter: Â @MarkNewtonCMT
Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
