Morning Commentary
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.
Tweet |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
4/3/2024 9:33 AM | A LITTLE LESS SWAGGER |
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