Why Rates Matter

Yesterday, SPX reached our initial downside target with ease, then struggled to reach our second – coming within 5 points before the algos kicked in.

While there’s every chance in the world that this decline will be limited to a modest backtest, it’s worth focusing on the 10-yr rates chart (TNX) and what happened the last time it reversed off a trend line that dates back to 2007.

2015-11-10 TNX wkly 0600continued for members


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