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US Market Wrap: Stocks hit as AI growth concerns weigh on sentiment
SNAPSHOT: Equities down, Treasuries steepen, Crude up, Dollar down, Gold flat
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US Market Wrap: Stocks recover from recent weakness as AI concerns ease
SNAPSHOT: Equities mixed, Treasuries down, Crude mixed, Dollar down, Gold up
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Market Update: Correlations
Correlation has been weaker stocks (led by NAS) => lower bond yields => weaker USD
Stocks rallying (NAS still below 30K, USA500 back above 7700) =< bond yields ticking up (10 year 5.098% vs. 5.038% low)=> modest correlations the other way (EURUSD back to 1.12, USDJPY back above 158)
US CPI (core misses): Yields spike higher, stocks down, gold down, USD up
Market Update: Fickle convictions Bond yields down => stocks (led by NAS) initially down => USD down (stocks currently off the lows but yields still down as curve flattens). Crude oil is down on the day after firming yesterday. EURUSD: 2-day double bottom just above 1.1150 but upside so far contained below 1.12 and 1.1217 resistance. US500 back above 7800 (and NAS bounced off low as well).
NAS100 (NASDAQ) 4 HOUR: The dilemma
Here’s the dilemma…Momentum shifting to the downside vs. a history of short-lived retracements followed by new highs.Looking at the chart, support starts at 30595 tested (low 30575), above which focus stays on 31K. The level bulls do not want to see broken is 30000-30100. Price action suggests there may have been some portfolio shifts from stocks (down) into bonds (up. yields down)
