Bearish Outlook Amid Rising Rates & Metals Rout
- SPY closed lower, trimmed losses only after oil retreated following geopolitical de-escalation; QQQ lagged earlier before catching up in the downdraft.
- Breakdown below 591 in QQQ and March lows in SPY confirms short-term bearish momentum, though futures show slight divergence ahead of quarterly expiry.
- VIX declined to 24.06 (from 25.09), reflecting reduced panic but not reversal—real yields rising, yield curves flattening, andTreasury yields pausing near resistance.
- Precious and base metals remain under severe pressure: Gold/Silver dumping, Copper breaking down toward $4.80–5.10.
- Sector divergence noted—Energy outperformed; Materials weakest; Magnificent 7 stocks declined across the board.
- Near-term SPY support cited at 6521–6550, but no capitulation signal yet—bearish trend and breadth deterioration persist.
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Source: AI
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