S&P 500 Earnings-Fed Breakout Falls Apart, EURUSD Extends Parity Reversal

[MongiIG]

Though concerns around systemic matters like the threat of recession and an accelerated path of policy tightening are not far from mind, the markets have opened the week feeling comfortable enough to use seasonal liquidity conditions and earnings as a temporary guiding light. Those corporate cues probably won’t stretch far enough to give the S&P 500 its next trend.