NVDA’s outlook slightly disappointed, but it’s still growing like a weed and is taking up financial engineering. Not surprisingly, this morning’s economic data came in on target. And, tomorrow’s PCE is in the hands of the BEA which is “supervised” by Trump loyalist Howard Lutnick. Oh, and Trump’s takeover of the Fed is proceeding and practically guarantees a rate cut. What could go wrong?

continued for members…

Note that the 2s10s has backed off yesterday’s bump to a near breakout.So, ES is likely to join SPX in making new highs.

Of course, SPX has run right into a tangle of Fib resistance.

Could it outweigh a steadily declining VIX?Keep an eye on NVDA today. It might matter if it can’t push to a breakout.

Everything else is “steady as she goes.”

But, I continue to focus on bonds. Note the slight breakdown of the 2Y, which is diverging from the 10Y.

Stay tuned…