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After trading near the flat-line just a short time ago, futures have been drifting lower, but even after these declines, the S&P 500 is only poised to erase less than half of its last hour gain in yesterday’s session. Financials are leading the weakness following the release of last night’s stress test results. Looking ahead to today, the only economic data of note is Personal Income (less bad than expected) and Spending (lower than expected) as well as Michigan Sentiment. While it’s not economic data, per se, daily updates from states on the status of COVID are also likely to move markets heading into the weekend.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, a discussion of last night’s stress test results, European markets and data, global and national trends related to the COVID-19 outbreak, and much more.
Outside of the Nasdaq 100, every one of the index ETFs in our Trend Analyzer are down YTD with small caps leading the way. While the Nasdaq 100 is up over 15%, the Russell 2000 is down by almost that amount. When it comes to US indices this year, it’s definitely been a tale of two cities.
The Russell 2000 has been a laggard on the year, but it has formed a nice and steady uptrend off the March lows. At the moment, though, it’s testing that level after just testing it two weeks ago. While there have been plenty of tests of that uptrend line over the last three months, every other time we have retested this trend line it came after the Russell made a higher high. This time, though, the test is coming from a lower high. Definitely keep this chart on your radar as the lower high could be signaling a loss of momentum.