Daily Wrap – Defensive Tone with SPX and NDX Key Reversal Days

Index futures and pre-market had a bullish disposition favoring Tech and the pro-cyclical sectors. Most of them got off to a good early start, but that was very short-lived (10-15 minutes) before a shift in sector bias favored the counter-cyclical/defensive sectors. At first it looked like more headwinds from Dollar strength. The U.S. Dollar built…