US stocks fell in a heavy sell-off session on Wednesday (25/10/23) as Alphabet shares slipped after Google released a disappointing earnings report; on the other hand, US Treasury yields rose again, reigniting concerns that interest rates will be held high for longer.
US10YT appears to be testing the nearest Support in this uptrend which is MA10 at 4.815% yield. Even if this level is unable to withstand yield weakness, it will roll towards the second Support which is MA20 / 4.751%.
The Dow Jones Industrial Average closed higher by 0.6%/204 points on Tuesday (24/10/23), while the Nasdaq jumped 0.9% and the S&P 500 gained 0.7%, as a slew of better-than-expected earnings reports and steady US Treasury yields lifted sentiment on the stocks ahead of the big tech companies earnings release, such as Microsoft and Google. Treasury yields steadied after a heavy selling a day earlier, but this decline does not yet reflect a fundamental change in asset allocation due to many market participants changing asset positions.
US10YT seemed reluctant to continue the pace of yield increase after hitting the upper channel resistance right after entering the psychological level of 5.0%. Thanks to the leading indicator RSI negative divergence that has been detected recently, ADVISE: Prepare to Sell on Strength; currently US10YT is testing the nearest yield Support at: 4.834%.
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The Dow Jones Industrial Average led the US equity market weakness with its fourth consecutive day of decline at 0.58%, while the S&P500 closed slightly lower at 0.17% and the Nasdaq posted a gain of 0.275%; triggered by the retreat of the US Treasury yield from the psychological 5% level and investors shifting focus this week to the earnings season of major companies, as well as the eagerly awaited important economic data.
US TREASURY YIELD surged to its highest level, following the release of US economic data, which proved the US economy is still resilient and reignited concerns that the Federal Reserve needs to raise interest rates one more time before the end of the year. Bond yields continued their gains where the 2-year Treasury yield jumped to a 17-year high and the 10-year Treasury yield approached 5% for the first time since 2007.
US10YT started circling the upper channel Resistance area, very close to the psychological yield level of 5.0%. As the RSI negative divergence is looming, our best ADVISE: be ready to Sell on Strength; may start to set your Trailing Stop. Nearest yield support: 4.884%.
U.S. stocks ended sharply lower on Friday (20/10/23) as investors worried about more interest rate hikes and the Israel-Hamas conflict spreading. The S&P 500 and Nasdaq fell more than 1% each. All of the S&P 500 index’s 11 sectors ended lower in broad-based selling, with technology and financials among the biggest drags.
