SPY closed at $759.57, within striking distance of its 90-day high, while the 10-year Treasury yield remains anchored at 4.45% — a stable backdrop for risk assets. Breadth remains firm, suggesting the market isn’t overly reliant on mega-caps to drive gains. Today we’re watching to see if the bullish momentum can hold as earnings season kicks into high gear.
Technology (XLK +1.8% 5d) is leading the charge, with semis showing particular strength – the group is consistently making new highs, suggesting sustained capital flow. Health Care (XLV +1.2% 5d) is showing relative strength as well, benefiting from defensive positioning alongside growth.
We’re watching WDC (making new highs — momentum confirmation), NTAP (broke $179 last week — bullish continuation), and APP (earnings today — sector read-through). Also, STX (making new highs — strong uptrend) and AMAT (earnings today — sector read-through).
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