The 1st quarter earnings reporting season has arguably been a factor with respect to the market’s durability and elasticity in recent weeks. 

From the start of this year through mid-April, bearish sentiment has been tracking in the low to mid 20 percentile… 

For a number of months now, the AI theme has caught the attention and imagination of investors, and there certainly has been a lot of “hoopla” around this category. 

Yesterday’s decline was blamed on investors’ anxieties about today’s Fed decision regarding interest rates. It’s a bit of a head scratcher because the Fed did telegraph the greater likelihood they may not move to lower rates right now… 

The recent sharp and sudden downturn in AI stocks and technology generally, I think really illustrates, and underscores, the underlying technical strengths of this market… 

The beauty of the stock market runs more than just skin deep. Last week the S&P 500 posted its best weekly performance since last November. 

This has been another week of expansive intraday trading swings for the stock market, but we have seen a more resilient tone. I think that resilient tone is significant… 

Yesterday’s market had a different feel to it, a better feel. There seemed to be a renewal of some degree of resiliency, and we saw that early on in the session. 

Last Friday’s session presented a glass half full scenario, at least from my perspective. I say that because the overall market held up relatively well given the big selling pressure in AI stocks and technology generally. 

It has been a challenging week for stocks. On the surface perhaps, we could attribute this to a consolidation, probably somewhat overdue…