SPY closed at $754.60, less than a point off its 90d high, while the 10-year yield sits at 4.45% — holding steady suggests the recent rate-cut narrative is on pause. VIX printed 15.82, well within its recent range, indicating relatively calm conditions heading into the open. The persistent climb in SPY, despite muted bond action, signals tech leadership remains intact.
Technology (XLK +1.2% 5d) continues to spearhead gains, with key components like AVGO and MRVL breaking out to new highs. Energy (XLE +2.8% 5d) is also showing strength, diverging from flat crude prices — suggesting potential accumulation ahead of next week's OPEC meeting. Materials (XLB) is lagging, with no signs of a reversal in the downtrend.
We're watching LLY (making new highs — momentum play), AMZN (testing $278.56 resistance), HPE (earnings today — tech read-across), and CRDO (earnings today — sector momentum).
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