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Reversals in TNX, USDJPY at important resistance ; Now important to hold

Ten-Year Yields stalled out right where anticipated , near former lows at 1.90%, which equates to 38 in WTI crude and 2005 area in SPX

Ten-Year Yields stalled out right where anticipated , near former lows at 1.90%, which equates to 38 in WTI crude and 2005 area in SPX

Some important reversals today from overhead resistance in Ten-Year treasury yields, along with WTI Crude, while Equities also held important resistance to the upside and have now backed off down to early day lows (S&P)-  Important that if this is going to be just a minor "backing and filling" for global asset markets, that Yields hold today's decline and not break the trend from Feb lows- See above, along with US Dollar vs Yen violating 111 which was set back in February

USDJPY has a bit of leeway, but can't afford to violate 111

USDJPY has a bit of leeway, but can't afford to violate 111

The US Dollar's steep decline vs the Yen also important given the ongoing positive correlation with S&P and can't afford to break down under 111 without changing this picture and expecting more selling pressure in the US Dollar vs Yen which should a likely be bearish for stocks

For now, S&P is down near overnight lows, at 1981 and under bringing about a move to 1970, or near the entire trend from mid-February.   The Key message here is that all three reversed from key resistance and now it's important that they hold this weakness and not give up too much more, lest we see a much deeper retracement in the stock market for March