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Market resilient thus far following Tariffs, but bond yields slipping with US Dollar- 2731, 2747 both key for S&P_ Friday am Technical Video, link to yesterday's Webinar- Charts of importance

Friday am Technical Video



Link to Yesterday’s Technical Webinar



S&P-  Above 2747 is a minor positive that leads to 2754, 2758-60,   UNDER 2747(CURRENT LEVELS) remains neutral, and under 2731 overnight lows is a mild negative with breaks of yesterday’s lows at 2712 being a larger negative


Risk assets holding up thus far in a far more resilient manner than might have been expected given Tariff announcements.   We’ve seen US equity futures fall from overnight highs after having tested key resistance again (2747) and failed, and S&P dropped 15 handles, but just in the last hour have moved back to positive territory, while China has rebounded in a case of Sell the rumor, buy the news.   Bonds have rallied and the US Dollar has dropped .   S&P now at 2742 lies just below the key area of importance, and above 2747 would definitely allow for at least a minor gain today.    The key will be to watch the participation and what rallies sectorwise to help index gains.  Yesterday’s breadth finished at a more impressive level than seen in recent weeks, but trend remain negative in Tech and Financials and 10yryields still look likely to fall further as the yield curve flattens out dramatically -  (Down to 27.6 bps yesterday)-   While trends have been NEUTRAL since late June in S&P,  momentum has gotten worse on this stalling out, so some evidence of broad-based participation will be necessary for any sort of optimism, or falling back under 2712 which would also give some clues.  FAVOR HEALTHCARE over Tech or Financials near-term

Premkt gainers in ANW, BIIB, ITUS, AVXL, DRYS, CLDR, and on downside-  PSMT, GCI, RGLS, CVRS, EKSO, IQ, HUYA





S&P-  prices have slowly backed off lower after having risen post market yesterday right up to 2747 and then peaked near 1am after nothing happened to prevent the Tariffs from taking effect

S&P has lost 15 points from overnight highs after having tested key levels






China’s Shanghai Comp however, rose after tariffs were announced and up 0.50% at 2747 erasing all earlier losses.  Daily charts show the extent of this years losses, but we’re now seeing positive momentum divergence and counter-trend Buys emerging, so this might allow for at least a temporary bounce



AUDUSD-  Aussie Dollar has begun to rally in the last couple hours,  moving to the highest since mid-June, in a move that looks to extend near-term after recent stabilization efforts