S&P and Nasdaq closed at record levels on Friday
The US stocks are off to a slow start this week. The broader S&P and Nasdaq indices have been higher and lower on the day but are modestly in the red as I type. The Dow is also waffling around the unchanged line in trading today.
- The S&P is down -1.4 points or 0.06%.
- The Nasdaq is down -3.4 points or -0.05%
- The Dow is up 5 points or 0.03%
In the US debt markets today:
- 2 year is 1.302%, up 1.4 bp
- 5 year 1.7352% +1.6 bp
- 10 year 2.1764%, +1.7 bp
- 30 year 2.8312%, +2.0 bp
The bell weather 10 year note has been trading above and below its 200 day MA (it is at 2.1755% today). The 38.2% of the move up from the July 2016 low also is in the area at 2.1346%. On Friday the low reached the 2.14% area before a modest rally into the close. So the note trades around important yield support with a break targeting 1.9787-2.000%. If there is a move higher and away from the 200 day MA, the 2.3764 is the 100 day MA. IN May, that was a ceiling for yields (blue line in the chart below).
