Market Notebook

by Cory Haupt | Feb 16, 2026

PRICE ACTION:
Equity prices, as measured by the ticker SPY, closed lower while bond prices, as measured by the ticker BND, closed higher over the last week.

SPY -1.28%
BND +0.88%

TECHNICAL ANALYSIS:
SPY price appears to be in a range-bound consolidation.

BND price appears to be in a range-bound consolidation.

SENTIMENT:
Price action suggests indecision among market participants, as both equity and bond prices appear to be in consolidation. Consolidation is a normal part of market participant behavior. Until prices break higher or lower, there is basically no technical signal.

ECONOMY AND FUNDAMENTALS:
Economic fundamentals remain positive, with data suggesting the U.S. economy remains resilient. The Federal Reserve appears to be acting appropriately, with two goals in mind: keeping inflation under control and supporting real economic activity.

All the best during the week ahead!

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Disclaimer: Nothing in this discussion should be considered investment advice. The content of this discussion is strictly my personal opinion and subject to change at a moment’s notice. Investment advice can only be provided to you by your investment professional and not by a general market discussion such as this one. If you wish to speak with an investment advisor, contact us. We can probably help.

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