Stock market today: S&P 500 climbs as ongoing AI-led rebound pushes tech higher
This entire week has been spent doing one thing: just hanging out beneath the trendline. No surge. No break. Just lingering. I have no quarrel with the ES breaking down a few points here and there, but for Pete’s sake, can we get a -40 one of these days? Is it no longer possible? Because the trendline is BROKEN, and it’s time to plunge, baby.
In spite of this quagmire for equities, there has been at least one definitive change this week and it's USD's failure against other major currencies. It isn’t anything dramatic, but it’s an important shift and if North Korea decides to start getting really serious, instead of blustering, you’ll see the yen swan-dive.
As for the super-strong crude oil, I think this is going to be a terrific fake-out. We have absolutely rocketed this week thanks, I suppose, to weather activity, but the big picture with crude oil, to my eyes, remains bearish, and this is just counter-trend.
