S&P Tumbles Below Key Technical Support, Bonds Bid
As this morning’s chaotic open uncoils into another leg lower, Nasdaq is now suffering its worst start to a year in at least 30 years (it is very slightly worse than 2008), and the S&P’s longest weekly losing streak since Sept 2020.
Crucially, the S&P 500 just broke below its 200DMA…
Which now means all the US majors are below their 200DMAs…
As Jim Bianco notes, if the S&P closes below the 200DMA, this ends a 409 trading day streak above it – the longest streak in 8 years.
And as stocks are getting hammered, bonds are bid with the long-end yield tumbling to 3 week lows…
But, but, but, we were told tech was getting trashed because yields were rising?
Tyler Durden
Fri, 01/21/2022 – 10:32
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