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Ominous Stock Market Signs from the SOX and the “Death Cross”
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Ominous Stock Market Signs from the SOX and the “Death Cross”

Market signals point to further downside ahead

David Rosenberg's avatar
David Rosenberg
Apr 17, 2025
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Early Morning with Dave
Early Morning with Dave
Ominous Stock Market Signs from the SOX and the “Death Cross”
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Highlights

• Market signals point to further downside ahead

• Treasury market looks past hawkish comments out of Powell

• Wall Street has yet to fully grasp the gravity of the trade war with China

• BoC pauses in their latest meeting, but they are not done yet

Key Takeaways

• Trump Talks, Markets Cheer: U.S. equity futures are squarely in the green and Asia enjoyed a solid session after Donald Trump announced that “big progress” has been made on a tariff deal with Japan (the “big win” for the President likely is centered on more LNG, defense, and agriculture exports to Japan). The yen also has seen a round of profit taking (-0.6% to ¥142.7) as it appears the currency was left off the table on these U.S.-Japan trade talks.

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