Gold And Bonds Lead As Stocks Sit At Cliff's Edge (Again)

Equities are holding 'off their lows' for now as Treasuries are pushing on to the lowest yields of the day (swinging from +4.5bps to -5bps now). Gold has pushed to the highs of the day (with Silver +1% from Friday's close). S&P 500 futures sit at the lower-edge of their 3-month up-trend channel and today's volume on the downswing was notable. Risk-assets in general are tending to be more risk-averse than stocks though we would not be surprised to see a pull up to around 1515 for a VWAP test before resuming any down-trend. JPY is up 0.5% against the USD but overall the dollar is higher on the day also weighing on risk-appetite.

 

S&P 500 futures are hovering at the lower-edge of that 3-month uptrend... volume on the downswing was well above average...

 

but Bonds and gold are considerably less gung-ho about all this...

 

and overall, as Capital Context's CONTEXT model shows, risk-assets in general are decoupling weaker from stocks for now...

 

Charts: Bloomberg and Capital Context