$SPX

Hit an ATH of 7,620.9 points, and we got a massive rejection as the S&P500 lost 2.59% WTD. The primary catalyst was a beautiful U.S. non-farm payrolls report, which reinforced the strength of the economy but reduced expectations for near-term Federal Reserve rate cuts, sending Treasury yields higher. At the same time, large equity offerings from Alphabet and reports of a potential capital raise by Meta intensified liquidity pressures, accelerating the selloff in growth stocks.
Despite the weakness in technology, defensive sectors such as healthcare attracted strong institutional inflows, highlighting an ongoing rotation toward quality and stability. Looking ahead, investors will closely monitor bond yields, central bank expectations, and major technology developments as markets assess whether this correction represents a temporary pullback or the beginning of a broader de-risking phase.
The only level I am watching for the S&P500 is the January 2026 high of 7,002.28 points.
#NFA