Market Charts – April 11/22

Global stock markets fell on Monday, pulled lower by technology shares in Europe and on Wall Street, as US Treasury yields jumped ahead of inflation data that could prompt the Federal Reserve to tighten policy enough to slow a rebounding economy.

The S&P 500 was down again Monday, losing 1.59%. The key here is that it is in a pattern of lower highs and lower lows and until it breaks out to that pattern, we cannot get bullish.

US technology shares are getting hit by rising bond yields. Nasdaq  index dropped 2.18% as US 10y yields jump to 2.79%, the highest since 2019.

Oil dives 4.04% on worries that the COVID-19 pandemic will cut demand in China, and as International Energy Agency (IEA) countries plan to release record volumes of oil from strategic stocks. Oil is now down over 24% from its March high.  Oil also trading in a pattern of lower highs and lower lows.

A new recommendation was triggered today for Trend Letter subscribers.

Stay tuned!