Much of focus in the markets are interrelated. Stocks go higher, dollar moves lower, yields move lower, gold goes higher. That is the playbook.
Then you look inside and see what you can see.
Looking at a bellwether in the stock market, Microsoft, it gapped higher today and in the process moved above its 100 day MA at $252.02. The high price reached $263.92. The 200 day MA? $263.70.
So the price moved above its 200 day MA and stalled $0.22 later. That is not a good sign. The price is back at $256.13 and closer to the 100 day MA at $252.02.
The buyers are still hopeful that the 100 day MA holds support.
Meanwhile the Nasdaq index is moving to a new low and is up only 0.44%. The S&P is up only 0.35% and the Dow has moved into negative territory.