SPY closed at $737.05, nearing its 90-day high, while QQQ shed 2.10%. Gold softened to $382.40 — a move off the recent highs suggests de-risking is underway. The 10-year Treasury yield remains firm at 4.55%, setting the stage for a potential tech pivot as earnings season heats up.
Health Care (XLV) and Consumer Staples (XLP) are leading the way, both showing bullish momentum with relative strength outperforming the broader market. This suggests a flight to quality as investors brace for potentially volatile earnings reports. Semiconductors (SMH) are neutral, with mixed signals, awaiting a clear catalyst.
We're watching LGND (earnings tonight — read across to software), KLAC (broke $2156.69 — momentum play), and LRCX (approaching resistance $324.25 — potential breakout). INDV is lagging the AI cohort — bounce or breakdown.
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