It was a choppy trading week for stocks as the benchmark S&P 500 started the week strong, retracing Friday’s heavy losses, finishing 1.47% higher. However, it was down -1.48% by Tuesday’s close. Wednesday was flat but rallied on Thursday 1.01% and gave back about a third by the close of the trading week on Friday. Technically, the S&P 500 will be starting the week with a symmetric triangle price pattern, suggesting more volatility .
MONDAY + 1.47%
TUESDAY – 1.48%
WEDNESDAY – 0.06%
THURSDAY + 1.01%
FRIDAY – 0.38%
The negative correlation between the US dollar and the Treasury 10 yr note has been tight following the Jackson Hole symposium and last week was no exception. In the week ahead, I expect the correlations to continue, right up to the much anticipated FOMC statement and press conference.
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