False Breakout in SPX keeps strong resistance at 4100

The near-term downtrend remains intact for US benchmark indices after early strength was repelled yet again at the key 4100 level.  Given that both 10 and 30-year Yields have shown evidence of starting to turn higher (and US Dollar rally looks imminent) it makes pressing long bets here still difficult given a plethora of upside resistance.  Overall, SPX and QQQ look to be at important levels where a stalling out and trend reversal is very possible given the lack of Technology follow-through and ongoing Defensive trading.  Bottom line, exceeding 4100 on a weekly close is the first step for Bulls, but getting over 4225 would add substantial credibility as to the viability of our October 2022 bottom being a more important low.  Failing here post FOMC in stock prices as yields turn higher would suggest a possible “backing and filling” into late next week.  It remains important to keep a close eye on DXY, TNX, and Technology

2-Year Breakdown likely could lead to 4.00% while TNX starts to stabilize and rally

One direct consequence of Tuesday’s weaker than expected inflation figures concerned the drop in US 2-Year Yields.

Subscribe Today to FSI Macro

If you are an existing member, to see your special offers.

Monthly

-15% $169/mo

List Price $199

Savings: $30

Claim This Offer!

Annual

-32% $1,622/yr

List Price $2,388

Savings: $766

Claim This Offer!

At FS Insight we offer a 30-day risk-free cancellation period for all new memberships.

View all FS Insight products with our exclusive Black Friday offers!

Why FS Insight

FS Insight helps you invest confidently with the same research banks and hedge funds use.

Daily Updates from Tom Lee

Start your day with Tom Lee’s pre-opening bell report. Navigate the trading day with Tom’s daily macro minute video and updates on key developments.

Real-Time Alerts from Tom Lee and Mark Newton

Stay in the loop with FlashInsights, real-time commentary on market-moving events delivered instantly from our research heads to you.

Daily Technical Strategy Report
and Video

Tactical opportunities and actionable signals, including daily in-depth analysis on current market technicals.

Monthly Market Update Webinars Presenting Timely Top Ideas

Get a behind-the-scenes look at our top stock ideas. Learn what makes each pick timely at our monthly webinar and Q&A with Tom and Mark.

Access Stock Lists Developed by Tom Lee and Mark Newton

We offer a variety of stock lists across methodologies and time horizons. Choose the portfolio that best fits your investment style.

Engage with Tom and Mark

Your membership includes members-only webinars and fireside chats. Join Q&As with our research team, CEOs, and industry experts across AI, geopolitics, and more.

Disclosures (show)

Sign in to read the report!

We have detected you are an active member!

Ray: 88f86a-bc2148-6126f9-f188f7-b09cf2

Want to receive Regular Market Updates to your Inbox?

I am your default error :)

Events

Trending tickers in our research