The focus today has been all about the Bond rout and the yin and yang consequential spike with yields and this is being reported as the reason for the move out of stocks. I am a chartist and not an economist but I understand the relationship between Bonds and yields. However, I am reading, from far more learned people in this matter, that the slide with BOTH Bonds and Stocks is a worrisome issue. I also note that there has been no Flight to Safety into Gold but there has been some into the Yen. Perhaps this is the chop that comes with ‘Distribution’?
NB: I spoke too soon about my email situation. I am now able to send emails but not receive. The web hosting company is helping me sort this but it seems to be taking some time 🙁
Data: watch the RBNZ Orr speech for any impact on the Kiwi.
Earnings:
DXY daily: under the Cloud BUT still very close:
TNX daily: note the spike higher today with the Bond yield:
Trend line breakouts:
S&P500: traders need to watch for any Distribution move:
SPX 4hr: chart from the previous update:
SPX 4hr: the break lower gave around 80 points:
SPX 30 min: note the break of the TL in the early US session:
SPX 4hr: revised chart with the 11-month support TL now back in focus:
AUD/JPY 4hr: this reached up 200 pips before reversing at 85 S/R.
NZD/USD 4hr: this reached up 150 pips before reversing so watch 0.74 with today’s Orr speech:
GBP/JPY 4hr: this reached up 230 pips before reversing at 150 S/R.
Gold: no Flight to Safety here though!
Gold 4hr: a TL b/o for $20:
Gold 30 min: the break came after the Asian session:
Gold 15 min: note the ADX clue when this TL broke:
Other markets:
ASX-200 4hr: lower too:
