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Morning Commentary

Yields and NDX Diverge

By Charles Payne, CEO & Principal Analyst
1/10/2022 9:28 AM

We are limping into the week after a difficult start of 2022, as rotation picked up speed. Investors are racing to energy and financials in the process dumping some of the biggest winners in their portfolios.

Selling begets selling and panic begets panic.

The NASDAQ Composition continues to struggle with 871names hitting 52 lows during the week.

Market Breadth

NYSE

NASDAQ

Advancers

1,489

1,999

Decliners

2,084

3,173

52-Week Highs

301

348

52-Week Lows

276

871

Up Volume

11.8 billion

11.1 billion

Down Volume

9.9 billion

12.2 billion

Ten Year Bond Yield

Outflows from treasuries surged last week and helping to push up yields.

Key Resistance Points

The ten-year yield is moving higher at a pace that’s more worrisome than the actual level its looks like support will now be 1.668 while the top of the range is 2.23.

Today’s Session

All eyes on the NASDAQ 100 which has fallen below its 50-day moving average and at a pivotal support point at 15,592.  If that doesn’t hold the next support level is the 200-day moving where a sizable gap is filled.

 

Economic Calendar

This week we might learn if inflation rocketed even higher. It’s clear the Fed will try to get in front of the news with a large slate scheduled to speak tomorrow.


 

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