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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Tuesday, April 24, 2018

SPX Drops Below Major Support As 10-Yr Yields Tags 3%

* See UPDATE below...

I last wrote about the S&P 500 Index on April 19 and also included a couple of updates later that day.

I mentioned that its latest rally that tagged 2700 was weak and that the intraday action that day was hinting that it could be a pivot point where we'd see price either spike back up to 2700 or plunge down to 2650, or lower.

As at 1:30 pm ET today (Tuesday) the SPX has plunged below 2650 as the 10-Yr Treasury Yields tagged 3%, as shown on the following daily chart.


Furthermore, the SPX:VIX ratio has also broken below the Bull/Bear Line-in-the-Sand level of 150.00, as shown on the daily ratio chart below. Price is sitting just above the 50-day MA.

The RSI has dropped below 50.00. If the MACD and PMO cross over to the downside, and the RSI remains below 50.00, this would form a new "SELL" signal and indicate further weakness ahead for the SPX on rising volatility.

Also, keep an eye on the 10-YT to see whether it breaks back and holds above 3% to, potentially, exacerbate such equity weakness.


* UPDATE: closing prices...