The yield on the 10-year note has consolidated just above 4.75%, but over the last two sessions the long upper and lower tails to the two candlestick formations shows a spread of ten basis points between the high and low values. This could portend some further volatility in the wake of Fed’s deliberations.
The ETF for the consumer discretionary sector (XLY) has pushed right back to possible resistance at the May highs and Friday's Doji could be signaling that the sector may need a rest.
If the Nasdaq Composite can now establish a support platform above 2220, the next hurdle will be some previous resistance in late 2005 in the vicinity of 2260-2280.
Despite the relatively small changes on the day for the market indices, there was a lot of evidence of key asset re-allocation taking place in yesterday's action.
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