An aggressive reversal on the 10Yr Yield took Tech through its trendline.
It did manage to move back up to the lower trendline but showed weakness
during the Globex session.
Typically, these are not one-day events, the selling should resume with the
levels down to 16032 in Trade.
A gap overhead will struggle to fill, the Macro Data isn't supportive this morning.
2 PM EST - we will need to see the ES join the NQ, it should as it has been completed
the larger Count for a reversal, the YM and RTY appear to be peaking as well, the
YM will likely want to attempt 3700 to 37100, it did, however, fail on its expanding
channel.
The VIX appears to be setting the reversal as it competed with the larger Daily Count
as well. The 50 remains above the 200 SMA, the 55 above the 144.
Volumes were weak into the year-end - the entire rise was on low volumes, we are
not seeing the reveal build volumes.
TNX has several Gaps below, the DX remains in pivot around 96. It will be interesting to
see if TNX breaks out of the 3X highs and runs to 2% or fills the gaps below.
We'll know after the FOMC Minutes, there may be something unexpected within the
backroom convo's as voting members appear to be far more hawkish than in November
and December.
It did manage to move back up to the lower trendline but showed weakness
during the Globex session.
Typically, these are not one-day events, the selling should resume with the
levels down to 16032 in Trade.
A gap overhead will struggle to fill, the Macro Data isn't supportive this morning.
2 PM EST - we will need to see the ES join the NQ, it should as it has been completed
the larger Count for a reversal, the YM and RTY appear to be peaking as well, the
YM will likely want to attempt 3700 to 37100, it did, however, fail on its expanding
channel.
The VIX appears to be setting the reversal as it competed with the larger Daily Count
as well. The 50 remains above the 200 SMA, the 55 above the 144.
Volumes were weak into the year-end - the entire rise was on low volumes, we are
not seeing the reveal build volumes.
TNX has several Gaps below, the DX remains in pivot around 96. It will be interesting to
see if TNX breaks out of the 3X highs and runs to 2% or fills the gaps below.
We'll know after the FOMC Minutes, there may be something unexpected within the
backroom convo's as voting members appear to be far more hawkish than in November
and December.
Comment:
NQ trades to 16030 with a 4 Tick Dip In.