US Market Update
Energy, industrials, materials and consumer discretionary maintaining the index in the last hour. The financial sector is weak again, with multiple factors including the yield curve being held to account.
Oil is running the show today with CLM8 up strong (68.69 or +3.25%) within a very low volume session for stocks.
The 10 year Treasury is getting sold today in a concentrated way. This is probably a sophomoric observation - but the phenomenon on my screens continues to seem more calculated than the traditional session to session equity/debt balance. Despite being propped up by safety bids lately, it would not be surprising to see a disproportional increase in bond selling if the SPX bulls started to get aggressive themselves. The 2 year is also being sold again today as the spread between 2 and 30 year debt compresses.
VIX is steady at 15.55 or +1.97% as the May futures contract comes to the front of the curve.
SPX/ES/SPY: 2715.09/2715.50/271.03
There is now support at 2690 and resistance at 2720 with 2710/2715 pinned in by derivatives. That could change by the close.
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