Teflon Tech, Soggy Semis And Brutal Bullion

Back at support

SPX and NDX are back at key support just as tech positioning gets cleaned up. Semis are tiring, credit is asking harder questions and the AI trade has become more two-sided, but the broader trend remains remarkably intact.

With strong tech seasonality approaching and vol still subdued, the question is whether this pullback is offering investors another chance to buy the dip.