Tough to trust SPX bounce with $TNX making new 2022 highs

Ahead of this week’s Fed meeting, Monday’s minor relief rally took prices right back to areas of September’s breakdown, which at $SPY-389 is thought to be quite important resistance.  Given that US 10-Year Treasury yields set new daily 2022 closing highs Monday above 3.475% at 3.49%, it’s thought that ongoing negative correlation with US Stock indices likely limits Equity gains heading into one of the worst seasonal stretches of the year. ...

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