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“If machines are going to take jobs away from the worker, then he will need to find something else to do. Perhaps he’ll get back to the soil. But we must care for him during the period of change. We must keep him away from red literature, red ruses; we must see that his mind remains healthy.” – Al Capone

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

The S&P 500 is up a half a percent, the Nasdaq 100 is down a half a percent, and the small-cap Russell 2,000 is up 2.2% on the week as we get set for Friday trading.  But S&P 500 and Nasdaq futures are trading up about a half a percent ahead of today’s open on the back of strong earnings results from Netflix (NFLX) after the close yesterday.

As shown below, the S&P remains elevated relative to its normal trading range and its 10-day advance/decline line has just ticked slightly back into overbought territory as well.