Markets are resolving to the upside overnight Tariff-Talk, and importantly, are converting the SP500 Weekly Magnet to support.
If that's the case, then I'd anticipate a material short covering rally to the upper bound of our Levels and to the upper edge of the weekly implied move. As always, if what is anticipated fails to occur, the opposite move is usually more reactionary.
A quick scan of actively traded equities yields some interesting divergences.
Focus remains on Fed Chair Powell's comments for catalyst at Noon EST tomorrow.
I will be monitoring Bonds and Financials following Powell's speech. XLF is at a critical market-health level of 26.50 which likely will determine resiliency of the broader market for the remainder of the year.
Levels haven't changed, but will be updated as required.
All the best,