After shrugging off $AVGO -12.6% on Thursday, the strong jobs report drove the 2yr yld +10bps to the highest levels since early 2025 & S&P -2.6% on Fri. For the wk, S&P/Nas/SOXX/Mag7 were -2.6%/-4.7%/-4.7%/-5.8% despite oil -3% to $91. This is what I posted on X on last Sunday night “Over the near-term, the overall market at some point will need to take a breather from increasingly overbought technical conditions. After nine straight weekly gains, the S&P is now up 19% from its recent closing low on March 30th. But I feel like any losses will be contained to the typical ~5% pullback which is typically seen three to four times per year.” After being up for nine straight weeks, the S&P went from an all-time closing high on Tuesday June 2nd and 14-day RSI of 75 to an RSI of 49 on Friday Jun
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