US data was again reasonable Friday night with a decent consumer sentiment print at 82.6, up from 80.0 in March. But that did little to stop the NASDAQ rout, down another 54 points or 1.4% to 3999 points. The one year daily chart shows the bourse is poised at its final support before clear air opens up:
The five year weekly chart is already broken with no technical help for a long way down:
Broader markets were also bearish. Forex markets were stable but the US bond flattening accelerated. The 30 year yield plunged again to a new low of 3.48% and it’s got one very bullish chart:
The 10 year yield also fell to 2.62% but held up better at support:
Its rising channel is under pressure but if it can hold the 2.58/2.6 line it’ll be helpful for stocks. A questionable proposition!
