The bond market has been holding above the eight-day exponential moving average, but below the 50-day EMA…
If it starts trading above its 50-day, that will tell us that bonds believe the Fed’s rate raising is behind us. If it breaks above, we could see a nice bump for tech stocks.
But the Fed and the bond market may not be agreeing with each other, so watch the 50-day EMA and be cautious — so far, it’s looking good.
We have Disney earnings on deck after the close today, and Roblox is up 15% premarket on earnings.
Meanwhile, energy stocks are in decline as oil prices have dropped to a 3 ½-month low.
The S&P 500 is also at a three-week high, but facing resistance at the 100-day MA. Tech and semiconductor stocks are leading while utilities, industrials and energy are lagging…
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
In today’s all-new briefing, I’ll discuss key resistance levels we need to know about… whether volume is supporting current price action… the most likely scenario with the long bond (TLT)… if the Fed is going to raise rates again… and if energy stocks are going to continue breaking lower.
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