S&P Stalls At Key Technical Level As Earnings Expectations Crash To 6-Month Lows

Please ignore this...

"nothing to see here, move along"

Chinese stock markets remain closed for lunar new year celebrations, but we note that yuan slipped back...

 

Italian stocks rallied - after massive demand for their bond issue - but the rest of Europe flatlined...

 

Stocks tried, tried, and tried again to ignite momentum into the green but failed...(Nasdaq and S&P were the laggards on the day)...

 

Futures show how desperate the algos were to keep pumping stocks to green...

 

The S&P was unable to break above its 200DMA for the second day in a row...

 

And has reached the most overbought level since the peak last year...

 

It seems there is some mysterious bid that appears around 315pmET and lifts the market into the close (for 13 days in a row now)...

 

FANG Stocks fell today... (shock, horror!)

 

Stocks and bond yields have decoupled once again...

 

Treasury yields ended the day practically unchanged, chopping around in a 2bps range...

 

The short-term market continues to price in rate cuts in 2019 (6bps)...

 

The dollar (soared) decoupled from bonds yields (lower) in the last two days - we have seen this before...

 

The dollar is up 5 days in a row (longest streak in 4 months) - surging back above FOMC levels...

 

The USD strength was dominated by Euro weakness...

 

And Aussie tumbled after RBA comments...

 

Some chaotic moves in Cryptos today...with Bitcoin Cash flying around

 

PMs faded on the dollar surge today but WTI bounced back as copper held gains...

 

Gold dropped back below pre-Powell levels once again...

 

WTI rebounded back to $54, despite notable builds today...

 

Gold faded in Yuan terms too...

 

And so finally, going back to where we started, consider the following...

And what do global bond markets know that global stocks don't?