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Bearish Momentum Builds As Front Yields Climb Again

US STOCKS
  • ESU2 sees a renewed move lower as Tsy yields climb higher again.
  • At 3911 it’s off session lows of 3886.75 when equities were weighed by yields peaking following the earlier US ISM services beat that built on a weak open. Nasdaq (-0.6%) only modestly underperforms the S&P 500 (-0.3%) with the continued recovery of front rates.
  • Having already cleared support at 3902 (61.8% retrace of Jun 17 – Aug 16 upleg), ESU2 has opened 3834 (Jul 19 low) and strengthens bearish conditions.
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