Markets are stuck for now |
A slightly more positive tone during yesterday’s session with the SPX finishing 0.95% higher, the NDX +0.89% and the DJIA +0.80%. The final result may give the impression of a very quiet session but under the surface, decent moves continue to occur intraday giving plenty of opportunities with a high-low range of around 2.6% for the NDX and 2% for the SPX. |
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Zooming out, the ES chart shows that E-minis have been stuck in a tight range overall which contributes to the overall feeling of subdued volatility. |
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We highlighted a few days ago that technically, the market was testing some important levels which explains the battle displayed above. |
Looking at implied volatility, it remained under pressure yesterday as the market rallied and drifted throughout the day as shown below with 30d IVX closing around 21.7. |
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Sector wise, Energy remained supported gaining 3% on the day outperforming USO which gained 1.9% on the day. |
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The rest of the sectors performed in line with the index with 9 out of 11 closing between +0.5% and +1.4% on the day. The only sector that settled lower on Tuesday was the consumer discretionary space led by AMZN which dropped 1.43%. |
Looking at stocks, a mixed session with some of the retailers struggling, WMT closed down 1.5% and TGT was 2.44% lower on the day. On the upside, Chinese stocks did well, FXI gained 1.5%, PDD gained more than 10%. For more information, please read yesterday’s market update. |
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