A week of wobbles, but nothing much has really changed in terms of the bigger picture (yet). The Dollar remains in a downtrend (though DXY was slightly stronger +35bps today) and the SPX, though below 4100, did not reach its February lows of 4048.50. The RTY remains above its significant 1900 level as well. However, we have seen a divergence of real yields higher and Nasdaq outperforming the S+P ((rather than the Nasdaq underperforming when real yields are higher) – a sign of vulnerability. Its…
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