While clear damage to the institutional support of the market was sustained in March, thus far into April institutional selling has been relatively light. The primary source of market volatility appears to be an absence of material support during sell-off’s exacerbating the overall market declines. This continues to be a minor positive heading into earnings.    

Share price declines in Boeing as a result of trade rhetoric have weighed on the Dow Industrials since February. Boeing has become a pawn in trade talks with China and a negative outcome implies fewer jets sold into the country. However, the institutional trend in Boeing thus far remains remarkably resilient despite the war of words.

The same calculus applies to tractors sold by Caterpillar into China. The institutional trend is currently neutral (blue) due to a slight downward trajectory of the lines as compared to Boeing although it too remains remarkably resilient.