SPY closed at $754.24, flirting with its 90-day high, while the 10-year yield remains anchored at 4.49% — a stable backdrop for risk assets. VIX is printing 16.28, a move lower from yesterday’s 16.36, indicating easing anxiety as we head into a heavy earnings slate. Breadth remains firm, suggesting the rally has legs beyond mega-caps.
Technology (XLK +1.2% 5d) is leading the charge — LRCX, WDC, CSCO and NTAP all hitting new highs signals broad-based momentum in the space. Health Care (XLV) is showing relative strength as well, outperforming the broader market by nearly 2% over the last week, likely driven by defensive positioning ahead of key data releases later this month.
We’re watching LRCX (making new highs — no resistance), WDC (broke $570 — momentum play), ALAB (testing $354.53 — breakout attempt), and NTAP (lagging the AI cohort — bounce or break).
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