S&P 500 Standoff: What Will Break the Market Out of Its Range?

In this market analysis, we break down the ongoing standoff in the S&P 500, which has largely traded sideways since June and narrow leadership from the “Magnificent 7” tech stocks. We examine the widening performance gap between the cap-weighted index and the equal-weighted S&P 500, elevated 10-year Treasury yields above 5%, and the severe weakness in consumer discretionary stocks like McDonald’s and Nike. Watch to see what technical catalysts are required to spark the next major directional breakout or breakdown.