See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“You may delay, but time will not.” – Benjamin Franklin

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Late last week and early this week we noted how extended the yield on the 10-year Treasury had gotten, and since then we’ve gotten a few cooler-than-expected inflation prints that finally caused the 10-year yield to not only stop going up, but also start pulling back.  The pullback in yields has coincided with a rally in equities, but the bulls still have work to do.  Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) have made a series of lower highs and lower lows since early December, and we’ve yet to see a break of that trend on the most recent bounce.  As shown below, SPY has yet to get back above its 50-DMA and is sitting right below the top of its short-term downtrend channel.  QQQ traded above its 50-DMA yesterday morning but pulled back intraday right when it touched the top of its own downtrend channel.

For both SPY and QQQ, one day of solid gains that hold into the close would break the recent downtrend, so we’ll see if the bulls have it in them today.