US markets added $940 billion in this week.


Nasdaq 100 up 1.69%.
S&P 500 up 1.24%.
S&P 500 just 0.50% away from new All-Time-High. One strong session next week and a new record gets printed.
The catalyst was simple. Weak jobs data on Friday killed the rate hike narrative. 57,000 jobs versus a forecast of 114,000. The moment that number dropped rate hike expectations collapsed.
S&P 500 pulled back 5% from its all time high in June. It has now recovered almost everything. The structure never broke. It just paused.
Russell and Dow lagging tells you the rotation trade is not dead. It is just pausing. When tech runs defensive names take a back seat. When macro fears return defensive names lead again.
Two things to watch next week. CPI data and any Fed commentary. If inflation continues cooling the Nasdaq has room to test 31,000. If inflation surprises to the upside the rotation back to defensives resumes immediately.
NAS1000.47%
US5000.52%
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