US 10 year yields are up about 10 basis points to 3.58%. That has taken the yield back above the 100 day MA at 3.557%. Admittedly being above the 100 day MA of late has not been a game changer to the upside. The price has traded above and below the 100 day MA on a number of trading days over the last few months. However, given the yield rise on Friday did stall against the MA line and moved lower, getting and staying above today is a shift to the upside.
On the topside the broken 38.2% of the move up from the August 2022 low comes in at 3.64%. Get above not only gets back above that level, but also extends above the high from December.
The move to the upside is providing another reason to sell stocks. The Nasdaq is now down -191 points or -1.78% at 10514. The low today reached 10505.34 which is the low for December and the lowest level since November 9. The low for November reached 10262.93. The low for the year for the Nasdaq was down at 10088.83. Both those levels are downside targets going forward.
