SPY closed at $768.56, off its highs but still within striking distance of the YTD peak, while gold surged to $396.69 — a three-month high suggests continued hedging demand as earnings season heats up. The 10-year yield is steady at 4.67%, indicating investors are pausing ahead of key economic data next week.
Defense (KNSA +2.2% 5d) is the early mover — RTX and LMT also showing relative strength, boosted by geopolitical headlines and a flight to safety bid. Energy (XLE) continues its outperformance, defying flat crude prices and signaling strong institutional demand ahead of this weekend’s OPEC meeting.
We're watching WHD (new highs – momentum play), TMO (breaking $580 resistance — earnings watch), and LMT (relative strength – geopolitical bid). Also KNSA (leading defense sector — confirmation needed).
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