Equities fairly quiet ahead of tomorrow' Jobs report with most eyes on Treasury yields and the US Dollar, both which have been extraordinarily weak of late. Utilities sector has dominated performance over the last month as well as a 3, 6, and 12 month basis, narrowly surpassing Materials as the best performing group for the month of March. Given that the US Dollar index has just breached mid-March lows and commodities are stabilizing, this could help Materials surge further in Q2. Key charts to focus on at the Noon hour are both the EURUSD and the DXY.
FOR S&P. Minor uptrend on 5 min charts from 4 am this morning with 2056-7 being important.. under leads to 2047. On the upside- 2064-5 continues to be important
Key GAINERS today: MRO, SWN, VRTX, BBY,ALXN, ILMN, MNK, XRX,DVN, MUR, IBM, all higher by 3+% within SPX
Key LOSERS: DE, MU, MON, CF, MOS, FMC, FLIR, FWM, UNP, NSC, ZION, all down more than 1.5% within SPX
Symmetrical triangle pattern since last October has grown tighter in the last month as the formation since early Feb is taking on the shape of a Cup and Handle pattern- Over 1.135 should cause acceleration which could help this reach last Aug highs
Dollar implosion continuing. Expect DXY to move down to test last Fall's highs. which would suggest that commodities and Materials stocks likely outperform, even following a very bullish Q1