Need to Know: What's next after the S&P 500 fails to hold 2,800
On the heels of a largely drama-free session, there’s an appetite for risk in the air for Tuesday, with stock futures higher, though that inversion of 10-year Treasury note TMUBMUSD10Y, +1.99% and 3-month T-bills yields is still sticking. Recent market action has certainly schooled plenty where that subject is concerned.
“We watch 2,760-2,785 as the next major technical level which will lead to a gap lower to 2,700 if broken. Overall, a 7-10% drop from today’s close is highly likely for the S&P 500 and our subscribers have been alerted about this shorting opportunity,” said Kobeissi, in comments to MarketWatch. Chiming in elsewhere, Reformed Broker’s Josh Brown wondered on his blog whether bulls got too excited and are now “trapped” above that 2,815 level. He highlights a chart from BayCrest Partners Jonathan Krinsky, who said the fact that the S&P closed below the 2,815 so fast after breaking above it on March 15, and after five failed attempts, bodes badly in the short-term.
The above chart comes after he tallied up what he was finding with regards to bearish views on equities versus bullish views on bonds. Lawyer Michael Avenatti tweeted early Tuesday that he “never attempted to extort Nike” and the truth about the sport’s retailers “crime and coverup” will be revealed. Nike shares were put through the wringer Monday after a drama-filled day that ended up with arrest of the former Stormy Daniels’ lawyer.
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