Stocks Feel the Yield Rally! When to Buy Back??
Yesterday, bond prices collapsed and stocks felt the bond fervor as investors clamoured onto higher yields for the first time in over a year. The S&P retraced from highs, but is still clinging to support at the next peg down from highs, between 3936 and 3927. We do appear to see an inverse head and shoulders pattern forming with the headline at 3937. Watch for a breakout from here at open, which would make a run back to highs at 3963. It is doubtful we will break this level today, but if we do 3970 is the next target. If we break down, which may be the case as the S&P looks like it is having trouble completing the second shoulder of the inverse H&S, 3908 and 3887 will provide support
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