If you thought yesterday was a busy day of Fed headlines, you ain’t seen nothing yet! In addition to another round of testimony from Fed Chair Powell in front of the Senate today, five other Fed officials are on the calendar starting with Williams at 11:10 AM and ending with Kashkare at 5:00 PM. In addition, we’ll also get jobless claims (221K expected) and CPI at 8:30 AM. There’s not much in the way of earnings news today, but that will all change next week, so check out our Earnings Explorer for a look at companies scheduled to report.
Read today’s Morning Lineup to get caught up on news and stock-specific events ahead of the trading day and a further discussion of overnight events in Asia and Europe.
One thing we have grown accustomed to with this market is for breadth, as measured by the S&P 500 cumulative A/D line, to lead price action higher, so we were a bit surprised yesterday to see that even as the S&P 500 made a new intraday high (but didn’t make a new high on a closing basis), the cumulative A/D line remains off its highs. As shown in the chart below, the cumulative A/D line is only slightly below its prior highs, so it’s way too early to start calling this a divergence, but it’s just something that stuck out to us when we were going through the charts last night.
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