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While the S&P 500 managed to hold up above its own 200-Day SMA Friday, we have crashed back below the prominent technical level and back into the narrow range of the previous weeks
The VIX and US Dollar, however, have made technically-relevant breaks lower which will make Friday’s NFPs even more interesting
Bullish milestones were hit this past week from the S&P 500 overtaking its 200-day SMA to the Dow returning notching a technical ‘bull market’ but follow through will prove difficult
While the S&P 500 jumped its tight range and 200-day SMA, the Dollar was noticeably more reserved in its retreat – the PCE deflator ahead could materially change that backdrop
The S&P 500’s tight 3.2 percent range has stretched to 12-days – the ‘quietest’ in 12 months – while the Dollar has fallen into its own narrow field above the 200-day SMA