After a long time I looked at the wave count of 10 year US notes to confirm my view on stocks. As you know stocks turned nicely up int he last 24 hours, so if this trend will continue then US treasuries should fall as yields rise. Well, We checked the wave structure on 10-year and see nice and clear bearish pattern in progress with an impulsive personality. Latest bounce appears to be only a contra-trend reaction, labeled as wave four which suggests more weakness in sessions ahead. If that is correct then S&P500 should stay bullish.
10 Year US Notes and S&P500
In fact S&P500 rallied with five waves from yesterday lows so more upside should be seen in sessions ahead. Ideally any decline will be short-term only as part of a bigger uptrend. First support is at 2047 followed by a second near 2035.
S&P500, 30 min
10 Year US Notes and S&P500
In fact S&P500 rallied with five waves from yesterday lows so more upside should be seen in sessions ahead. Ideally any decline will be short-term only as part of a bigger uptrend. First support is at 2047 followed by a second near 2035.
S&P500, 30 min
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