SPY closed at $770.56, holding near its 90d high, while gold edged up to $404.80 – a continued signal of risk appetite. The 10-year yield remains steady at 4.68%, suggesting the market isn't anticipating an immediate shift in monetary policy despite yesterday’s concerning CPI numbers.
Health Care (XLV) is showing relative strength, up +1.7% over five days as investors rotate into defensive positioning amid a busy earnings week. Materials (XLB) continue to outperform, benefitting from steady commodity prices and signaling broader economic resilience.
We're watching HPE (broke $54 last week – momentum confirmation), BMY (approaching resistance at $68.10 — potential breakout), and IMAX (earnings after close — sentiment gauge). Also monitoring STLD, as it tests support at $255.80 amid broader market volatility.
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