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Strategies & Market Trends : News Links and Chart Links

SPXL 219.24

+2.0%

Nov 26 4:00 PM EST

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From: Les H	7/8/2023 10:36:33 AM
	1 Recommendation Recommended By Lee Lichterman III Read Replies (1) of 29600

A breakout in the 10 year Treasury yield has put a cap on the bullish trend in equities. The daily CBOE 10 year Treasury index (TNX) shows a TD Sequential count of TD Sell Setup @6 and TD Sell Countdown has recorded a 13 to close the week. Aligning this with the equity market, there is a potential upwards bump to stocks as a TNX 9 count can record on the same day of the CPI release on Wednesday, June 12th. Two narratives: If the S&P 500 (SPX) can hold the 60/120 minute TDST Support level at 4371.97 prior to Wednesday’s CPI release, another high above the June 30th mark at 4458.48 will be within sight. This could be short lived as the market has not had a proper correction, and the daily SPX is approaching a TD Sell Countdown @13. The other narrative is that 4371.97 does not hold and equities continue selling off towards 4300 prior to the CPI release, and that correction just might give the SPX enough of a drawdown for a more durable path longer term. tradetrekker.wordpress.com

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