Treasury yields and stocks have a negative correlation of 86%. We see rates moving higher for longer. If the market has not already topped, then our short-term Elliott Wave count targets a range of SXP 4118-4147 as terminal point to this countertrend advance. If the market pushes sustainably above that level then our alternate count suggests that the rally could extend to Fibonacci 78.6% retracement at SPX 4364. Our LT trend following and LT momentum models remain negative.
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