Stocks are higher this morning, led by the Nasdaq. S&P futures are up about 0.6% and Nasdaq futures about 1.4%, while the Dow is modestly higher. Gold and Bitcoin are also higher, while Oil and Natural Gas are lower. Treasury yields are rising again, with the 10-year near 5.3%.
The move in Stocks is the most interesting development. S&P futures are trading around 7760, moving back toward the 7800 level we have been watching. Yesterday Stocks found support above the 50-day MA; a bullish break above 7800 would provide the next important evidence for continuation of the Daily uptrend. Rising Treasury yields also bear watching given the continued decline in Bonds.
Nothing in this morning’s action materially changes what we are following. Gold is firming as it works toward a potential DCL, while Bitcoin remains within its recent consolidation. Bonds remain particularly important following the break of the Month 19 low, but we still need the Daily-cycle turn before considering the potential larger-cycle implications.
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