Wall Street’s main indexes ended with big gains on Friday (10/11/23), boosted by heavyweight tech and growth stocks as Treasury yields calmed, while investors
looked ahead to a next week’s reports on inflation and other economic data.
US10YT is making a technical rebound attempt above MA50 Resistance (making yield 4.608% as the closest Support at the moment) and is now trying to test MA10 & MA20 Resistance in the yield range of 4.676% – 4.772%. ADVISE: SELL ON STRENGTH.
The Dow Jones closed lower again on Thursday (09/11/23) triggered by Federal Reserve Chairman Jerome Powell’s comments stating that the central bank is not ready to end their upward trend in interest rates to bring Inflation to the 2% target.
US10YT will most likely fulfill its TARGET towards the Support yield from the previous Low level of 4.485% or even to the bearish target of 4.309% from the broken uptrend PARALLEL CHANNEL pattern. Nearest Resistance: MA50 or yield 4.597%. ADVISE: HOLD.
The S&P 500 and Nasdaq eked out small gains on Wednesday (8/11/23) to extend their recent winning streaks as investors weighed Federal Reserve officials’ recent comments for signals on the path of interest rates and focused on the direction of US Treasury yields.
US10YT will most likely fulfill its TARGET towards 4.485% / 4.309% yield; especially after slipping back below MA50 Support: 4.592% yield which has turned into minor Resistance now. ADVISE: reduce position, BUY ON WEAKNESS later.
The US stock market recorded another gain on Tuesday (07/11/23), extending its two-year bull run, as a pullback in US Treasury yields boosted Nasdaq megacap stocks by 0.9%; while investors also sought clarity on the Federal Reserve’s interest rate trend. The S&P 500 had seven consecutive days in the green, while the Nasdaq recorded eight consecutive sessions of gains; both are their longest streaks in two years.
US10YT affirmed its downtrend after slipping off the climbing path aka PARALLEL CHANNEL pattern – uptrend. MA10 & MA20 confirm deadcross, will serve as the nearest Resistance in the yield range of 4.735% – 4.782%.
US stocks closed slightly higher on Monday (06/11/23), with the Nasdaq leading the gain by 0.3%, as investors awaited guidance from a host of Federal Reserve policymakers later in the week on the central bank’s policy path, with a large amount of bond supply also due to hit the market.
