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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Slumdog who wrote (19295)	6/2/2017 2:18:45 PM
From: John Pitera	Read Replies (1) of 33421

The TNX 10 year yield hit a very key level today.... the confluence of the 200 DMA at 2.17 and the .382 retracement in yield from our 36 year secular low in yield which occurred on July 6th of 2016, ( this was within 36 hours of the Bank of Japan ending there extreme experiment with extreme negative yields on their long bond.. and a general global consensus of the global Central banks that negative long term rates were detrimental to healthy economic growth. ) and the high in the TNX we reached on Dec 16th at 2.62.... this has been our range the the past 3 plus year going back to early May of 2014...... What the US bond market does from here will have global implications for all asset classes. Additionally the EUR/USD is at important cluster of Fibonacci and Gann price magnets at 1.13..... it appears as if it shall head higher but it's more important to let the market tell us what it WANTS to do. The USD index is retesting it's lows from May 23rd. The SPX is doing some powerful things today... breaking above the 1.618 fractal @ 2426 a fractal of the initial Trump rally that that commenced with the Friday November 4th low at the 200 dma. The Chaikin Money FLow, the daily Aroon, the RSI moving average momentum system and the cummulative A/D are all still on solid buy signals for the SPX. We may touch and be contained by the rising Fan Angle by the end of the day or Monday..... The action in the bond market ...... especially the 10 year yield and what happens with the EUR/USD .... it's either going north over 1.13 at which point it will be onward towards 1.18 or it's coming back down to 1.0875... it's not going to hang around at 1.13; likewise the USD index will double bottom at today's retest of the May 23rd low or head even lower. the key level is in the 97.60 neighborhood. that is pretty much the whole shootin' match for those markets. The NDX continues it's super powerful advance. JJP

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