(These are the market notes on right now’s motion by Mike Santoli, CNBC’s Senior Markets Commentator. See right now’s video replace from Mike above.) A agency end to the week for shares retains the S & P 500 ‘s multi-day pullback to a minimal. With each excuse to retreat extra notably — technical overbought circumstances, unfriendly seasonal patterns, sell-the-news responses to flashy AI/chip information and a bump in Treasury yields — the index was solely off 0.30% this week, lower than a p.c from the Sept. 22 report excessive, and hasn’t had even a 3% dip since Could. The self-supporting rotational motion and hair-trigger dip-buying reflex is underpinning this resilience, with some principally anticipated however reassuring knowledge on private earnings, spending and PCE inflation offering cowl. The equal-weighted S & P too is lifeless flat for the week. The motion shouldn’t be with out its blemishes: The mega-tech leaders have been much less dependable, regional banks have taken a step again and beforehand sturdy teams akin to journey shares have drained. Nonetheless, laggards waking up ( power and another commodity performs) and the fixed handing of the baton from one Magazine 7 title to a different (at some point Tesla , one other Apple ) is conserving the tape on the rails. The slight upside to private earnings and spending and on-target core PCE leaves undisturbed the core macro premise of this section of the bull market: The Fed has room to trim charges even with the financial system seeming removed from recession and inflation on a plateau properly above the two% goal. The fairness market will all the time be tremendous with 5% nominal GDP (2% actual, 3% inflation) as long as the bond market does not insurgent and the Fed does not rush to choke off progress. Thus far, that is the case, with the 10-year Treasury up from 4% ten days in the past however nonetheless at benign readings underneath 4.2%. Froth has been skimmed from some areas (crypto, quantum, latest IPOs) however hardly sufficient to note on the year-long charts. Investor sentiment is content material and optimistic with out showing to tip into harmful aggression. The AAII retail-investor survey exhibits solely barely extra bulls than bears. Three days of small losses and faintly hawkish Fed speeches dropped the CNN Concern/Greed Index from greed again to impartial. None of this implies shares are freed from seasonal considerations or current a candy threat/reward setup. Quarter-end rebalancing hovers over the market, valuations are excessive, credit score spreads already so low they in all probability cannot hope for extra, and the AI skepticism story that reached a loud din this week will not go away quickly. We’re beginning to get splashy excessive S & P 500 targets for subsequent 12 months from some strategists. Nonetheless, for this week, it is the anxious bears who’re possible coming away extra annoyed that the worry-free bulls, regardless of slim losses for the S & P.