S&P 500 in confirmed breakout above 200-day MA at 5,260. Breadth improving — 78% of stocks above their 50-day moving average. Semiconductors and large-cap AI driving the move. Tech sector inflows accelerating. Options market showing reduced hedging demand — a constructive signal. Watch 5,340 resistance on SPX and 18,800 on NDX for next target levels.

Dollar weakness theme intensifying. DXY below 103 support — next key level 101.80. EUR/USD testing 1.0940 resistance — a sustained break could target 1.1050. USD/JPY near 150.00 — BOJ verbal intervention risk. Avoid long USD/JPY positions near this level. AUD/USD benefiting from China stimulus optimism + commodity strength. GBP holding gains on sticky UK CPI expectations.

Dual-demand theme emerging: AI infrastructure buildout driving copper, uranium, and rare earths higher while traditional energy faces pressure. Copper breaking $4.75 resistance — watch $5.00 as next target. Uranium +2.1% on AI data center energy demand narrative. Gold holding above $3,280 support as real yields soften. Oil weakness from OPEC+ compliance concerns and demand uncertainty. Lithium stabilizing — EV demand inflection expected Q3.

Yield curve steepening attempt as 2Y drops faster than 10Y — a classic pre-pivot signal. CME FedWatch now showing 78% probability of June rate cut. Treasury market pricing in 2–3 cuts for 2025. ES futures gap-up +0.82% on PCE beat. Bond market signaling peak rates — a historically bullish setup for equities and gold. Watch TLT and 10Y at 4.15% as next key level. Short VIX thesis intact below 15.

AI infrastructure super-cycle in progress. Hyperscaler capex guidance raised across MSFT, AMZN, META, GOOG — total 2025 AI spend now estimated at $420B+. NVDA supply constraints easing — Blackwell GPU ramp ahead of schedule. Semiconductor cycle turning — SOX index reclaiming 200-day MA. Data center REITs benefiting from power demand. Watch uranium + copper as physical AI infrastructure proxies. AMD gaining share in inference market.