Exhibits
VVIX solidly red and defensive sectors solidly lagging confirmed the bullish advance today.
Breadth was solid, but of note is the lower high in the % of NYSE stocks above their 50dma.
HY CDX didn’t fall as much as I would’ve expected, but this does seem to track RSP more than SPX, so not a huge surprise.
The reversal in 2s was the most notable development today. I’ll have more on this over on the Fed Watch channel ahead of FOMC, but I don’t believe Powell is going to be happy with this SPX rally given the reflexivity of stocks and labor.
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