Holding Up Into The Weekend

The market is holding up well, even if volume is running light.

Financials have taken off, due to the "Fed is done" trade. With the action on the 10-year yield, the market is also saying that inflation expectations have peaked. This has the potential to release some more positive sentiment, if the economy can achieve a soft landing.

Small-caps are leadingthe action, gaining +2%. Big-cap tech is up an equal amount. Among industry groups, semis are also having a good day, up nearly +3%. And brokers are strong too.

If the Fed is done, even the lowdown and beaten up homebuilders could catch a nice bounce. Though I am not wading in there yet.

Technically speaking, the SPX is in the best shape, even as it nears resistance around 1280. I will expand on this over the weekend.