Financials breakdown vs SPX will lead to further underperformance

The worse-than-expected Jobless Claims number Thursday (211k vs. 195k expected) caused a big Treasury rally but failed to lead stocks higher, given the big decline seen in bank stocks led by $SIVB and $SI.

S&P fell ~2% on the day, and broke last week’s lows near 3928.  DJIA also broke down to the lowest levels of the year.  However, $QQQ showed positive divergence and failed to show a similar move back to new monthly lows, which is a posi...

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