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“If you’ve made your own hell, then only you have the power to escape it.” – Willie Nelson

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

April was on track for being one of the most volatile months on record, but it’s closing out on a quiet note. While yesterday’s move in the S&P 500 was the smallest since the S&P 500 peak, equity futures are even quieter this morning as they indicate an unchanged market at the open. It’s been a busy overnight session for earnings, but the big reports from Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN), and Meta (META) are still to come.

The big economic reports of the morning will be Consumer Confidence and JOLTS. The former is an April number, so it will give us a good idea of how the month’s craziness has impacted sentiment.

Here’s something you don’t see often. The S&P 500 Technology sector ETF (XLK) is up nearly 11% over the last five trading days, but it’s still down over 10% YTD and more than 1% below its 50-day moving average (DMA). Like Tech, the Consumer Discretionary sector ETF (XLY) has rallied more than 9% and is still down nearly 12% YTD and more than 1% below its 50-DMA.

More broadly, it’s been a phenomenal five trading days for US equities- except for the Consumer Staples sector (XLP). Don’t shed too many tears for Consumer Staples, though, it’s still up 2.5% YTD. For the most part, the sector has done exactly what it’s supposed to do: underperform when the market rallies and outperform when the market declines. Putting it all together, while five sectors have rallied over 5% in the last week, and all but one have essentially rallied at least 3%, ten out of eleven sectors remain below their 50-day moving average, and all eleven sectors remain in neutral territory.