&P 500 shook off both unemployment claims below expectations and 50bp ECB hike, and the formerly disastrous market breadth got a thorough revamp, leading me warn twice of more intraday upside. 3,945 then indeed failed, and the resulting entry to the European session together with outside markets left bulls in a good place to extend short-term gains .
The bulls are fumbling premarket – it's a question of time when the imbalances of the daily rally help the bearish outlook take over irrespective of the liquidity thrown at the key problem enabling the banking system issues – risk-free rate of return making for deposit outflows, which in turn necessitate parking underwater Treasuries at the Fed. See chart courtesy of www.stockcharts.com to illustrate the S&P 500 internal imbalance .
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