US Market Update Good morning traders, US Indices mostly down...

US Market Update

Good morning traders,

US Indices mostly down but mixed with SPX (-0.40%), Dow (-0.53%), IXIC (-0.37%) and RUT (+0.56%)

S&P Sectors: Financials dump (-1.44%) followed by Telecom (-1.10%), Materials (-0.61%), Health Care (-0.55%), Technology (-0.33%), Consumer Discretionary (-0.21%), Industrials (-0.07%) and Energy (-0.02%). To the upside were Real Estate (+1.01%) and Utilities (+0.93%).

If SPX can stay above 2805, bulls would have only to deal with technical resistance until a heavy area at 2835. As of this note, SPX is just below the 2 Feb gap area. That's not really too helpful, I know; but it is how things seem positioned here on Thursday. That will likely change on tomorrow's open. The nearest support is 2796 followed by convergence at 2785 and another support at 2774. The heaviest protection lies near the 2700 area. SPX 30 minute update.

Standouts

Spanky criticizes the Fed, implies he is letting them do their thing even though he's unhappy with rate rises. He also says he doesn't like the strong Dollar.

Wide ranging action in ZN treasury futures overnight finishes at the higher end with yields dropping. DXY, Gold, AUDJPY all over the map today. USDCNH rising overnight.

Sustained tariff threats. "Tremendous retribution" is promised if the EU doesn't play ball.

Treasury yields fell today of 2 or 3 bps each and the 2-year (-2 bps and 2.59%) to 10-year (- 3 bps to 2.85%) spread continues to range near 26 bps. The 2-year to 30-year (-2 bps and 2.97%) is now at 38 bps.

S&P Futures Now