The indices suffered another intraday pullback Thursday but almost fully recovered by the close. This was the fifth straight day that the indices have sold off following a good open although this one was the best relative close so far.
Volume has been weak and there hasn't been much strong momentum. Still, there has been consistent support and that is key. The bulls may not be doing much but the bears are doing even less.
Most notable Thursday was strength in bonds and the dollar. That hurt precious metals and some other currency sensitive plays but it helped the banks that have been struggling with the inverted yield issue.
It is likely that the resumption of the China trade negotiations helped to keep a bid under the market and a number of Fed speakers didn't say anything to alarm the market.
The Lyft IPO is pricing tonight and will start trading tomorrow. That will receive a tremendous amount of attention and if it trades well it may help market sentiment even if it does suck up capital from other plays.
Don't forget that Friday is also the last day of the first quarter and there may be some of the usual moves. In particular, the potential for some re-allocations between bonds and equities is quite high with the recent change in Fed policy.
Overall the indices remain OK technically but the market is lacking energy and can't generate much sustained momentum. That may indicate an inclination to sell into strength should we see a positive China trade headlines.
Have a good evening. I'll see you Friday.
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