US stocks trades with early - but modest - gains. 10 year yield test a support target

Technical Analysis

Author: Greg Michalowski | dow

Modest gains in the 3 major indices.

The US stocks have 30 minutes of trading under their belts and the major indices are all trading higher with modest gains.
  • S&P is up 5 points or 0.17% at 2920.69
  • Nasdaq is up 15 points or 0.18% at 8021.77
  • Dow is up 43 points or 0.16% at 26535.
Similar gains and modest gains for each of the major indices in early trading.

A snapshot of the debt yields is showing lower levels with the 10 year decline of -1.5 bps leading the way.  

The yield traded to the highest level since May 18th year high at 3.1261% (the high reached 3.11% yesterday.

Looking at the hourly chart below, the yield is now down testing the 100 hour MA at 3.079%. A trend line is also in that area. A move below could see a more downward corrective move (see blue line in the chart below). 

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