Fundamental Analysis: Markets took off this week and the S&P 500 took out the psychological resistance at 4000, now the question is can we sustain a bid above it. Yields are still hanging around, the 10 year refuses the let go of the daily moving averages, as it failed to make new highs.
Technical Analysis: ES S&P 500 Futures (W)
The weekly chart is targeting 4200 I think it can get there, under the condition that yields continue to fail to make new highs and eventually roll over on the daily chart I will show below.
Technical Analysis: TNX US 10 Year Yield Futures (D)
The daily moving averages keep supporting the 10 Yield, and until they fail I will continue to stay cautious on equities.