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“‘Experience’ is what you got when you didn’t get what you wanted.” – Howard Marks
Futures are indicated mostly higher this morning, although Nasdaq futures have been under pressure as yields on the 10-year rise. It’s been a busy morning of economic data, but so far there have been no major outliers relative to expectations.
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Within some of the major US indices, it’s a mixed picture with respect to their charts heading into the weekend.
The Russell 2000 broke below its 50-DMA moving average for the first time in over four months earlier this week, and while it bounced at support yesterday, it remains in a bit of limbo heading into today as it sits right between support below and its 50-DMA above.
The Nasdaq 100 has been having a much rougher go of it lately. With yields remaining temperamental, QQQ has been bouncing around in a range below its 50-DMA. Yesterday, it made a lower low relative to earlier in the week, so for now it remains in a tenuous position if you’re a bull on the index.
Lastly, while a number of other indices have been under pressure, the S&P 500 continues to chug along. Yesterday, SPY bounced right at support coinciding with its 50-DMA and uptrend. Bulls will want to see some follow-through after yesterday’s bounce, but if the weakness in the QQQ continues, it will be hard for SPY to maintain its immunity.