Let’s face it…. the markets are really sensitive and that leads to weak hands on the upside and the downside.
Fed’s Harker brought the markets back to reality saying that inflation will be around 4% next year and 2024 at 2.5%. Both are probably above the bulls expectations who see inflation moving down.
Josh Brown, put things into perspective on CNBC saying a year ago, we could draw a picture of an ape and sell it for $600,000. That was the money sloshing around. So… yes the story line has changed and so has the markets sensitivity to the ebbs and flows.
The S&P is trading back in negative territory now at 3691.72. That index is still up on the week and also above the 200 week MA at 3606 area.
The Nasdaq is at 10706, up 26 points ro 0.34%, but well off the high at 10837.
The Dow is up 68 points at 30491 after trading as high as 30823.
The 10 year yield is at 4.182%, up 5.3 basis points.
In the forex,
- The EURUSD is back retesting the key 100 hour MA at 0.9798. The current price is at 0.9802
- The GBPUSD has moved back below its 100 hour MA at 1.1277. The price trades at 1.1254.
- The USDCAD which reached into a lower swing area between 1.3637 to 1.3666 is back at 1.3725 and retesting the 50% of the October range at 1.37397