Technical Analysis

S&P turns negative on the day

Higher yields may be starting to take it’s toll. The USD is now the strongest currency of the majors.

The S&P index dipped into the red with 30 minutes to go in the day. The price is testing a trend line. The 100 hour MA is down at 2917.96. The last two tests stalled near that MA line (blue line in the chart above).

Rates may be causing some of the apprehension.  10 and 30 year notes/bond yields are up over 8 bps on the day.  

The 10 year yield traded to the highest level since end of June 2011.

Another headwind is the USD which has moved to the strongest currency of the day.

Articles You May Like

EUR/USD returns near 1.1550 post-CPI, looks to FOMC
Germany October ZEW survey current situation 70.1 vs 74.4 expected
China’s CPI steadies at 0.7% m/m in September, meets estimates
How to Trade 100% profitable trading moving average crossover forex trading strategy
Currencies remain calm as US equity futures skid to session lows

Leave a Reply

Your email address will not be published. Required fields are marked *