Stocks Consolidate Post-Rally, Supported by Lower Fixed Income Volatility🌍

Equities were held in a holding pattern and took a breather after a few days of a sizable rally, with the decline in fixed income volatility clearing supporting equity prices here. 80% of the S&P 500 have reported with decent results overall, though the forward outlooks have revised lower with bellwether industrials like Caterpillar seeing ominous drops in their order backlog. But off-side positioning and strong technicals will likely continue to rule the day for now, with bears will have to be a bit more patient before trying their luck again.

#StockConsolidation #CaterpillarBacklogDrop #MarketOutlook #TechnicalInfluence #BearsPatience