The Market: There's Now an IG CDX Gap at SPX 3929

I don't make the cross-asset market signaling rules.

Discussion

While market participants across the bullish/bearish spectrum continue to buy the on-going SPX dip, cross-asset market signaling continues to suggest stress is building beneath surface. The long-end of the UST and TIPS curves is stress point #1, the USD is probably #2, but the little-discussed CDX market is a strong #3.