S&P 500 didn‘t add much to Thursday‘s bounce, and started to roll over early in the European session. First slowly, then suddenly as the saying goes – with Nasdaq clearly losing its outperformance. Pretty understandable that it took a while during triple witching for the real move to establish itself, but in the latter half of the session it clearly did, taking breadth mettrics along (the short-term ones were showing signs of stabilization, but all the minute and intermarket observations could have been reduced to how 6,620 area reacts, and whether the 6,590s would trigger a rebound – what was worrying, was that such rebound attempts stalled in the mid 6,910s already, and what unfolded towards the closing bell, had the hallmarks of margin call somewhere out there.
And that‘s when USD is stalling at 100, short-term yields surge and gold confirms the derisking picture, with S&P 500 closing most clearly below 200d MA. And what about Trump‘s 48-hour deadline given, and the escalation it‘s leading to? Will the 5-day pause tweet last in return?
Source: https://www.fxstreet.com/news/how-about-attempting-es-6-620-recapture-202603231658
