Quick observations - Breadth horrible - Bonds TLT -1.4% - US Dollar +0.2% - VIX +15% 23 - Crude -0.1% Nat Gas -7.5% - Bitcoin -1.4% Ether -2.6% Bottom Line: Yields once again moving higher (across the entire curve) and applying pressure to equities. The S&P and Russell Small Caps indices have broken into their Feb Value Area. Next major support for S&P and NDX is the 200d MA and for the Russell Small Caps (see charts below). Market Breadth is horrible which is confirming the price action. For me, being more defensive here makes sense until breadth improves and /or support is recached .
TTG Market Observations & Charts 02-21-23
TTG Market Observations & Charts 02-21-23
TTG Market Observations & Charts 02-21-23
Quick observations - Breadth horrible - Bonds TLT -1.4% - US Dollar +0.2% - VIX +15% 23 - Crude -0.1% Nat Gas -7.5% - Bitcoin -1.4% Ether -2.6% Bottom Line: Yields once again moving higher (across the entire curve) and applying pressure to equities. The S&P and Russell Small Caps indices have broken into their Feb Value Area. Next major support for S&P and NDX is the 200d MA and for the Russell Small Caps (see charts below). Market Breadth is horrible which is confirming the price action. For me, being more defensive here makes sense until breadth improves and /or support is recached .