Too early to call, but we still favor the SPX route from last Thursday‘s note for strength in equities away from the 2004 comparative. Here are a few updates, as well as the 95’ comp – including the banks. Should the market follow the 2004 momentum profile – equities would likely need to pivot lower right about now (~2PM est).
Click to enlarge images
Update – 6:45 PM est: Equities took the pivot lower where the 2004 momentum comp was pointing. The following three (3) charts were all created after the close.