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The Nasdaq advanced today after finding a bottom on Friday morning. It was technology’s (XLK) turn to lead the way, followed by consumer discretionaries (XLY) and Energy (XLE). Biotech (IBB) lagged today falling about 75 bps.
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Turning our attention to the Dollar, we find that it stuck in a lower trend, but let me overlay the Dollar chart with the 10-2 chart, we can let that be our guide.
Similiar? Kind of? Will the Dollar see a sharp spike higher? We will need to continue to watch that. But perhaps the 10-2 spread is a window into the future of the Dollar. That would certainly be bearish for many materials (XLB) and commodities.
S&P 500 – 50 Day Moving Average
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