Minor positive for today to have regained 2636, so this has caused a Squeeze in the last 30 mins.. Bonds turned lower about an hour before.. and the rise in yields seems to have directly coincided with stocks following suit
Yields went from 2.90 up to 2.94.. so Equities continue to follow the move in bond yields
Breadth about 2/1 positive- tech gains are a real positive for today, up more than 1%, and Financials attemtping to rebound also.. up 0.60%
I had thought markets should turn back lower.. so todays action goes against what I thought should happen, and its right to wait for prices to pullback dwon again under 2630 before trying to sell into this
Upside likely faces resistance near 2660- trends still negative overall and still tough to consider today’s move to have all that much importance in the bigger scheme of things, but it IS a minor postiive for today, and postpones the futher decline until prices reverse this move. OVER 2660, while not immediaetly expected.. would be a bigger positive. Shorts have to be at least partially covered as this might extend a bit more into Monday. And UNDER 2630 would put the decline back on the front burner.