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Time To Decide
Right around now is the time that markets will either snap back to the upside, or slide meaningfully further down. A number of key levels apply; the 10-year yield at 5% has psychological significance if for no other reason than it's a whole number; the DXY being above $106 mattered in 2022 and it matters again now; the retest of a so-far triple-tested low in the NQ from May / September / October will weigh on the minds of Nasdaq investors; a triple test of the Dow's October lows the same for Dow investors, and the S&P500's potential date with 4200 the same for S&P investors.
Whilst it is true that market pivots to the upside always feel impossible right before they happen - and the same is true for market pivots to the downside! - sometimes there isn't a pivot. So, now is the time where either markets run up, or it may be time to add significant hedges.
Paying members, scroll right down for our latest take on markets. As always we look at the 10-year yield, the S&P500, Nasdaq-100, Dow Jones and the Russell 2000; we consider long-term and short-term outlooks, and we lay out staff personal account trading plans in each of the indices. We add Bitcoin and Ether futures pricing for good measure.
Note - to open full-page versions of these charts, just click on the chart headings, which are hyperlinks.
US 10-Year Yield
Another breach of the 5% level; that's currently in retreat once more.
S&P500 / SPY / ES
420 is a psychologically important level - SPY is currently at $419.