SPY closed at $755.94, flirting with its 90-day high, while the 10-year yield sits at 4.50% — steady rates are removing a headwind for growth. VIX is printing at 15.86, well below last week’s peak, suggesting the de-risking phase is over and risk appetite is returning as we kick off a busy earnings week.
Technology (XLK +1.4% 5d) continues to lead, with several names breaking out to new highs. The XLK/SPY ratio confirms this outperformance, suggesting momentum is broad-based within the sector. Health Care (XLV) is also showing relative strength, benefiting from defensive positioning and consistent demand.
We’re watching HPQ (earnings today — tech read-through), NTAP (new highs — momentum confirmation), and QCOM (testing $247.90 resistance — breakout potential). Also, SNDK (new highs — strong trend) is worth monitoring.
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