The stock market retreated on Tuesday (21/11/23), with the S&P500 and Nasdaq snapping 5 consecutive winning sessions as Retail stocks fell after some doubtful outlook especially in the midst of the holiday shopping season; plus sluggishness in big Tech stocks.
US10YT was again held below MA10 as the nearest resistance, resulting in the yield being unable to pass the 4.507% level. It is estimated that US10YT will continue to fall until the target bottom at 4.309% yield; the result of the uptrend PARALLEL CHANNEL pattern that has been broken. ADVISE: reduce position.
The Dow Jones Industrial Average closed up 0.6%, while the S&P500 jumped 0.8%, and the Nasdaq led a 1.1% gain ahead of the Federal Reserve Minutes release and the release of Nvidia’s performance which is likely to become the key sentiment for the mega-cap Technology sector in particular, during a short trading week due to the Thanksgiving holiday.
n a short trading week due to the Thanksgiving Holiday next Thursday & Friday, investors will be looking for market direction by paying close attention to the Minutes of the last Federal Reserve Meeting of October 31 – November 1, which are due on Tuesday; to get an idea of the future of this upward trend in interest rates. Retail stocks are preparing for the holiday shopping wave known as Black Friday.
US10YT has the potential for a technical rebound towards the nearest Resistance: MA10 / 4.52%, following the emerging Doji. Should it occur, it still does not alter the downside program towards the target bottom: 4.309% yield. ADVISE: Reduce position.
The Dow ended flat Friday (17/11/2023), notching its third-straight weekly win as stocks were buoyed by slowing inflation data earlier this week that fueled optimism
that Federal Reserve rate hikes has peaked.
US10YT is testing the previous low support around 4.44% yield in order to fulfill the bottom target around 4.31% yield. ADVISE: reduce position. The nearest resistance is MA10 at 4.55% yield.
The Dow Jones Industrial Average closed slightly lower on Thursday (16/11/23) triggered by a drop in Walmart shares and fears of an economic slowdown following the release of lower-than-expected economic data.
US10YT confirmed to continue its journey towards the target bottom at 4.309% yield. ADVISE: SELL MORE, reduce position. The nearest resistance is MA10 at 4.569% yield.
