Chop, Chop, Chop

We're in a negative channel with no real catalyst... here's what comes next...

Action to Take: Futures are flat this morning as markets hover near technical resistance, waiting for a catalyst to push higher. Tomorrow’s jobs report could provide that spark. Still, Bloomberg warns it’ll be unusually tricky to interpret, with weather impacts, wildfire disruptions, and potential downward revisions of over 600,000 jobs muddying the picture.

As we near a potential signal switch for the S&P, early warning signs are flashing—markets are stalling at resistance, chip stocks face fresh pressure with Citi cutting Nvidia's target, and risk/reward is skewing lower. It's best to sit tight for a day or two and wait for daily confirmation before putting capital back to work. Sometimes, the smartest trade is trade move at all. We should have more clarity by midday tomorrow.

One other note—with the political storm brewing around USAID and legacy media, keep an eye on The New York Times (NYT), which sank 11% yesterday. Break out your tiny violins for the legacy media.

Market outlook:

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