Indices News

Futures take a small dip and CoT speculators remain net sell, but there’s no denying what has been more positive technical bias.

We’re at levels unseen since December of last year as the small-cap index outperforms, with technicals turning bullish and price action moving in favor of majority client sentiment.

Not far off recovering from last Thursday’s losses buoyed by big gains from a few of Big Tech, and in sentiment still a story of majority buy bias.

Technical overview shifts in the key index following the pullback late last week made worse by a deteriorating labor market, while CoT speculators shift to net sell for the first time in months.

Microsoft and Meta notably impressed powering the tech-heavy index higher in the futures market, but it’s two down and two more to go as both Apple and Amazon are next.

Weekend gap gets filled as initial euphoric move faces a bit of turbulence, in all keeping its technical overview unchanged in both daily and weekly time frames.

The value of the key US equity index lagged last week against those with heavier tech weightings, but its technical overview remains bullish and still a story of net long bias for CoT speculators.

Futures up on Nvidia’s China sales resumption of AI chips, but the next test is US pricing data.

Another record high yesterday, with gains in the futures market taking it beyond 6,230.

Progress on the trade front, easing geopolitical tensions, and ‘revenge tax’ removed sees risk appetite improve.