Coming off losses in both stocks and bonds, we opened the week negative as the ten-year treasury yield touched 5%. As trading progressed, yields came off their highs as stocks crept into positive territory. The bears and bulls are in a turf battle as 4,200 on the S&P 500 remains a strong support level.

Here's something to chew on: roughly 40% of the S&P 500 reports earnings this week. So far we are seeing reports lag in forward guidance, adding more pressure on stocks. It should come as no surprise but expect elevated volatility and intraday swings this week due to these reports. Outside of earnings on the economic front, the week is filled with housing data. Tight supply and mortgage rates surpassing 8% have scared off buyers and sellers alike.

Newton scores are little changed from last week as fixed income remains depressed. It will be interesting to see if rates hitting the psychological 5% level cause a pause in selling behavior as investors take a breath and wait for new economic data. Beneath the surface, energy is on top with the only high score and rate of change. Discretionary, Utilities, and Materials are at the bottom of the pile.

Newton scores are showing improvement from depressed levels as Foreign Developed notches the highest score. Large caps look better relatively than small caps. Financials and Industrials are interestingly screening out with relative strength as Consumer Defensives lag.

On the economic front: We are getting a tidal wave of Fed Speak as each President will offer their opinion on where interest rates will go and how the economy will fare. Thursday is the most notable as the Chairman of the Federal Reserve, Jerome Powell, speaks.