SPX faces initial signs of a possible interim topping-processš§
SPX equities closed -0.7% on the day, with the tech-laden Nasdaq trading much heavier with Nvidia and Tesla all showing 3-5% daily declines on positioning adjustments. While the close-to-close prices have been well behaved, the intraday movements within the SPX have been much more volatile than over the past 2 months, and we are continuing to see initial signs of a possible interim topping-process where the more popular retail names have underformed, and other momentum indicators such as RSI and oscillators are starting to flash potential warning signs.