SPX 5 min chart
Stop me if you’ve heard this one before: US stocks are falling because Treasury yields are rising.
That’s been the story almost every day this month and while US 10s fell to 4.49% earlier, they’re right back up to a fresh daily high at 4.55%. Yesterday’s high was 4.566% and a climb above that will spark more pain.
Another spot to watch is the VIX, which is now above 19. I think it needs to get to at least 20 before we can talk about a bottom in stocks.
And the only thing that oil is helping right now are oil stocks.