Futures are off sharply, eyeing a bevy of gaps and Fib levels left in the wake of last week’s nonsensical algo-driven ramp.
Our yield curve models swung bearish last week, as did a number of other sentiment-based indicators. Perhaps the most compelling is the 2Y, which plunged below critical support at 17 bps, testing 10 bps before bouncing.
The 2s10s is currently confirming, though CL and USDJPY are swinging into action in an effort to stave off a significant downturn. Under ordinary circumstances, a breakout in USDJPY would prop up stocks. But, current circumstances are anything but ordinary.continued for members…
Sorry, this content is for members only.
Already a member? Login below…