Both equity volatility (VIX) and bond volatility (MOVE) have fallen to cycle lows, as investors remain firmly focused on the prospect of rate cuts. Slowing economic data has not deterred risk appetite — IPO activity is accelerating, the AI theme remains alive, and even baskets of

Small Cap stocks have rallied recently relative to Large Caps while the yield curve (2s/30s) has steepened as nominal growth expectations shifted higher. However, IWM relative to IWB is at its most oversold in over 2 decades

There is a growing divergence between the price of homebuilder stocks and NAHB Home Builder Sentiment

US Core PCE Price Index (M/M) Jul: 0.3% (est 0.3%; prev 0.3%) - Core PCE Price Index (Y/Y): 2.9% (est 2.9%; prev 2.8%) - PCE Price Index (M/M): 0.2% (est 0.2%; prev 0.3%) - PCE Price Index (Y/Y): 2.6% (est 2.6%; prev 2.6%)

The ISM Manufacturing Index has historically shown a strong correlation with imports from China going back three decades. On a year-over-year basis, however, imports from China have now collapsed, breaking that long-standing relationship—primarily due to the impact of tariffs.

New Article Posted: Grinding Higher To check it out and subscribe to our research click the below: apexmacroinsights.com/apex-insights

Sector Breadth

Percentage of Stocks Above Their 50 Day Moving Averages in the S&P 500, Nasdaq 100, and Russell 2000 - Breadth is Deteriorating in the Nasdaq

The Percentage of Stocks Hitting 52 Week Highs in the Russell 2000 has Expanded in Recent Weeks

Shorts in the Russell 2000 were squeezed out last week per CFTC Data

Positioning in the USD remains net short

The belief in imminent rate cuts has spurred the recent outperformance of small caps over large caps, a dynamic we highlighted in our latest Apex Blueprint piece, Start of Something New. Historically, however, this rotation has often marked short-term tops in the S&P 500. The

Gold is on the verge of breaking out again, testing its prior all-time highs just above $3,500 after spending months in consolidation following the April volatility spike. The backdrop for Gold remains supportive, with the major drivers— policy uncertainty, inflation, and central

Another important shift underway is the divergence between 5-year breakeven inflation rates and oil prices. Historically, the two have moved closely together, as rising oil prices—touching every part of the economy and visible immediately to consumers at the gas pump—naturally

August ISM Manufacturing ticked up to 48.7 vs. 49 est. & 48 prior … new orders back in expansion, up to 51.4 vs. 47.1 prior; prices paid down to 63.7 vs. 64.8 prior; employment up to 43.8 vs. 43.4 prior

The ISM Manufacturing PMI Rose to 48.7 in August and New Orders Which Lead the PMI by ~1 Month Rose Back Into Expansion

The ISM Manufacturing PMI Rising Such we Could See a Bounce in the Services PMI Alos Later in the Week as August Data is Released

Orderly slide continues: July #JOLTS job openings down to 7.181M vs. 7.38M est. & 7.357M prior (rev down from 7.437M)