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Yields pulling back to 2.90 has caused equity futures to dip a bit, but trends still positive- Tuesday am Technical Video and charts of interest

Tuesday Technical Video

https://stme.in/C8IaKZmzza

 

 

 

Trends remain positive, but it’s thought that Technology is getting stretched, and its not right to view this NASDAQ breakout as being all that meaningful given the lack of other indices following suit,  and Technology should be nearing meaningful resistance into next week’s Fed meeting.   Yields have backed down from yesterday’s lift to 2.93. and now back at 2.90.. this could cause weakness in Financials which is exactly the opposite of what this market needs heading into next week’s FOMC.    Both the DXY and also Crude and Gold are largely unchanged though Crude has steadily weakened in the last couple days and were a bit lower earlier on reports the US Govt has requested OPEC to increase output.     Pre mkt movers:   CODX, KNDI, VSTM, RSLS, PLX, MYL, NAV, TWTR, HDS, ATHX, COUP, RACE higher, while on the downside-   FRAN, ASNA, COOL, CCL, FSLR, REGN, AMGN, CUK, JKS

 

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S&P-   A similar pattern of bottoming early month and rallying into mid-month looks to be ongoing and while we’ve seen some minor stalling out this am near 2749-50, (which will be important for today/tomorrow) -  Trends have improved in the short run.. but we’ll need Financials to participate at this point along with Industrials/Transports for any bounce to gain more steam.  For now, the rally in Discretionary has been one to consider bullish and important but might not be enough to match the rally in Tech which has gotten overdone

 

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Yields have given back yesterday’s gains and back to Monday’s yield lows of the day.  Trends have attempted to turn up, but movement back up above 2.93% would be more meaningful, and allow for Financials to follow suit higher into next week’s FOMC

 

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USDCAD nearing a very important area, and whether this be Oil related FX, or Trade fears, getting over 1.31 would be very meaningful , allowing for some serious decline in the Canadian Dollar  -- Rally in USDCAD