Futures tested the important 2.618 Fib extension four times since yesterday’s close, bailing on the upper bound of a rising wedge with the last tag. This is a bearish pattern which, combined with numerous other bearish charts, still signals elevated risk.
But, we’ve been beating that drum for a while. Today, I’ll focus on the bond market which continues to send its own signals of potential downside ahead. After an extended bounce, the 10Y broke trend ever so slightly just yesterday. What does this mean for bonds and for stocks? Hint: bonds still matter.
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