TNX - Daily Chart: Market Movers
What moved the market today? Yes, $NVIDIA Corp(NVDA)$ 's continued surge makes shorting risky. But let's analyze the one of the context indicators I study in every Weekly Compass.
The 10-year note dropped -1% today, which is supporting growth stocks.
Two key events are worth considering:
Bearish Crossover: A bearish crossover between the 20-day and 50-day moving averages just occurred. The last time this happened in November 2023, it preceded a jump in the indexes. This suggests a potential bullish signal for the medium term. This is a good start for June.
Oversold Oscillator: It may be indicating a potential short-term technical bounce for the TNX, it could be a bearish signal in the near term for $NASDAQ 100(NDX)$ . There is a gap left behind today.
$Invesco QQQ(QQQ)$ $Technology Select Sector SPDR Fund(XLK)$
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https://x.com/SmartReversals/status/1798478743905743308
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