The video in this report is only accessible to members
The video in this report is only accessible to members

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

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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.

2-Year yields closed at the lowest levels in months, and the tec...

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