Note: We’ll continue yesterday’s update to our analog after this morning’s wrap-up below.
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The big story chart-wise is the 10-yr — which reached our 23.2 target (23.35 intraday.) As we discussed last week, the normally inverse relationship between TNX and SPX has been magically turned on its head since mid-April. Will it revert as TNX starts dropping off?
The US dollar continues its lackluster backtest of the broken purple channel.And, CL continues to move sideways, flirting with a breakdown of the rising channel after completing a Crab Pattern last week.All in all, it wasn’t a productive environment for SPX, which finished the day fleshing out the falling white channel we proposed two weeks ago. Our downside target from last week remains intact.
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