The S&P 500 (SPX) decelerates on its approach to technical resistance in the 4515-4535 range as the rally shows signs of exhaustion.

Today’s advance in 2-year yields drives the risk free rate beyond the earnings yield on the SPX.

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Today’s weaker factory orders number provides the first downtick in the US Economic Surprise Index (ESI) in nearly two weeks.  

The pain trade remains skewed to the upside as the SPX tests cycle highs this morning.

The S&P 500 (SPX) has been able to keep its upward momentum despite rising bond yields.

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US economic data continues to surprise to the upside

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History suggests its wise to remain skeptical about the prospects for an economic soft landing.

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The SPX remains technically overbought despite a -2.2% pullback over the last six sessions.

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Equities are starting the week mostly lower into month-end and quarter-end rebalancing.

Today’s disappointing manufacturing PMIs are a step in the wrong direction with cyclical groups under pressure.