Please enable javascript in your browser to view this site!

S&P down to make or break levels after yesterday's decline- 2020 key

gm-Minor rebound in US futures & in European equities after yesterday's selloff  took prices down to key Make-or-break levels- Gold, WTI crude rallying and Bunds showing some slight evidence of peaking out as Yields rising back up above 14 bps and TY yields following suit-  Overall, the trend isn't necessarily negative here after yesterday's decline and key will be near 2020 and remaining above-  Below causes the much anticipated selloff to 2000, 1975..for now, right to stick with longs, but selectively given Transport, Financials weakness (despite yesterday's bounce) Metals stocks continue to show above-average strength and recent gains in iron ore, Steel prices support these firms rallying and any pullback in the Metals sector should be used to buy dips.  Minor breakouts in Gold and Silver with only copper not joining, but also supportive of thinking the Gold and Silver miners remain one of the stronger groups-Key for S&P lies at 2030 on downside, then 2020-  For rallies, 2042-3 initial resistance, the area where S&P fell from roughly 3 hours ago

 

the Two S& charts above show the sideways pattern above as part of the rally from mid-February that has shown some minor signs of giving way.  For now, prices would need to get back under 2030 at a minimum with 2020 also standing out.  Until that happens , its tough to make much of this pattern

Bund yields attempting to bottom out, something to definitely watch given its effect on TY and in turn US Equities

Bund yields attempting to bottom out, something to definitely watch given its effect on TY and in turn US Equities