Calm on the surface, cacophony underneath. Shakeouts in trendy tech and cult growth are ongoing sources of turbulence for the tape but the market as a whole absorbs and dissipates the pressure so far.
The action continues to look more like a fitful migration from concept stocks/mega-cap secular growth toward cyclically geared global recovery/reflation plays. Industrials, materials, financials all looking sturdy and saving the overall tape from deeper pullbacks for now. This has been the clear story, and the market continues to validate it. But nothing says it has to carry on this way in a straight line or for much longer. In the short term, the S&P 500 continues to act as if this week's highs in the 4180s are possibly a consequential hurdle.
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