Overall, US10YT yield bullishness still remains intact around MA10 Support/4.889%. Even if the yield has to slide down again to the MA20 Support around 4.80%, it does not actually disrupt the uptrend. ADVISE: HOLD; or reduce position, set your Trailing Stop; later BUY ON WEAKNESS around Support lower channel or yield 4.726%.
Global stocks market and Wall Street rallied on Monday (30/10/23), kicking off what promises to be a hectic trading week that inlcudes Q3 earnings, economic data, and the FOMC Meeting.
The S&P 500 has slumped more than 10% from its July peak of 4,588.96, ending in correction territory as the Technology sector lost positive sentiment despite a rally in Amazon and Intel stocks ahead of Q3 earnings season.
Ahead of the FOMC Meeting announcement on Wednesday (Thursday morning, Western Indonesia Time) regarding the Fed Fund Rate which 98% of the market expects to stay at 5.25%-5.50%, the bullish US10YT yield is somewhat consolidating looking for Support on MA10 & MA20 in the range: 4.88% – 4.87%.
On Friday (27/10/23) trading, the Dow Jones Industrial Average fell 1% and the Nasdaq rose 0.4%. While the S&P 500 fell 0.4%. Amazon rose more than 6% after the tech giant reported third-quarter results that topped Wall Street estimates.
The bullish yield of US10YT is hinging on MA10 Support around 4.87%. A break of this Support will bring US10YT towards MA20 / yield 4.8%. However, if the yield has to slide down again to the lower channel Support of 4.69%, this has not disrupted the short-term uptrend of US10YT. ADVISE: reduce position, set your Trailing Stop.
U.S. stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected.
NAIK Stockphoria
US10YT yield bullishness proved to remain strong by staying above MA10 / 4.855% Support. US10YT will return to test the Resistance from the previous High level and around the upper channel: entering above the psychological level of 5.0% again. ADVISE: Hold, Wait & See.
