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tsptalk's Market Talk
- Thread starter tsptalk
- Start date
The Transports were one of the last charts to look semi-decent too.
I see yields are trying to reverse up from the lows of the day, and the 10-year looks to be testing interesting resistance. If that support holds the financials may stabilize, but at this point everything seems to be going down with the ship.
I see yields are trying to reverse up from the lows of the day, and the 10-year looks to be testing interesting resistance. If that support holds the financials may stabilize, but at this point everything seems to be going down with the ship.
FYI, the open gap on the S&P would be fully filled at 2,681.09. Today's high is 2,680.93. Anyone got 16 cents they can borrow? 
The rebound has basically filled the gap (there may be another point or two in there) and hit the descending resistance, which may be why it has stalled. That doesn't mean it won't break above it, but the bears are making their presence known in this area.
FYI, the open gap on the S&P would be fully filled at 2,681.09. Today's high is 2,680.93. Anyone got 16 cents they can borrow?
Thank you!
Follow-up... Support still holding on 10-year Treasury yield, although it does look bear "flaggy".
I see yields are trying to reverse up from the lows of the day, and the 10-year looks to be testing interesting resistance. If that support holds the financials may stabilize, but at this point everything seems to be going down with the ship.
The Fed basically told us that the economy is slowing down enough to stop raising rates. Yields tend to rise in strong economies with higher inflation risks. Yields fall when the opposite is true, so yields fell and bonds prices (AGG) rose.
I'm keeping an eye on the dollar. If this channel can break to the downside it would better confirm the rally yesterday as far as a bottom being made. If it holds and starts back toward the top of the channel, I think stocks may flip back down and we get another test of the lows.
Stocks just popped in the last several minutes, but before that it has been a little bit of a struggle overall and I can only assume the dollar bouncing off of the bottom of that rising channel has something to do with it. But yes, any rumors or announcement out of G-20 could pop and drop this market quickly on an intraday basis.
SoonerCaniac
Member
Very nice catch Tom; I was wondering if there was any "support" above the red line you drew on today's commentary. Thank you very much for all of these intraday updates. What a day!
James48843
Well-known member
A rather bloody day.
It's not anywhere near over yet, either.
It's not anywhere near over yet, either.
weatherweenie
Well-known member
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