10 Year US Notes Recovering; S&P 500 Turning Sideways As 1900 Holds
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May 19 2014
US Treasuries are trading higher for the last few weeks, so yields are obviously declining which caused limited gains on stock market that also turned down last week, with S&P reversing from 1900 psychological level.
Below we have a weekly chart of 10 Year US notes where we see a three wave rally in progress. Ideally market is now in wave C heading much higher which means that S&P could fall much more in the next couple of days.
10 Year US notes weekly
At the same time we also observing a corrective price action on the S&P500 that appears incomplete as price turned back into natural zone, most likely into just another but larger corrective pause within big ongoing uptrend.
New York time: 00:00:00
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