The JOLTs job openings sent yields higher once again. The 10 year yield is up to 4.776% now up 9.4 basis points. There is no relief in the US debt market. That has stopped moving sharply lower.
Looking at the hourly chart of the S&P index below, the broad index is trading down 1.4%, and in the processes now looking toward the 50% midpoint of the move up from the March low at 4207. Below that, the natural support of 4200 will be eyed. Of note is that the 50 hour moving average (black moving average line on the chart below) stalled the most corrective moves to the upside keeping the bias more to the downside in the short/medium term.
For the NASDAQ index it is trading down 1.7% and that has taken the price back below the 38.2% retracement of the move up from the March 2023 low at 13123.4. The low price from last week at 12963.16 is the next target. Below that in traders would start to look toward the 50% midpoint of the move up from the March low at 12714.68.
Unlike the S&P, the corrective bounces off of the NASDAQ index were able to get above the 50-hour moving average at 13188.97 this week. However, the decline today has the price below that level. It would take a move back above the 50-hour moving average to give the buyers some hope. Absent that the sellers are more in control.
This article was written by Greg Michalowski at www.forexlive.com. Source