69 Days Vs. 70 Days
Ashraf Laidi | Jan 20, 2022 11:40PM ET
Combining yesterday's rally in BTC and ETH with the SPX recovery above its 100-DMA seems like a powerful technical confluence for the bulls. Buy-the-dip justification may grow stronger when adding NASDAQ's bounce from its 10% top-to-bottom decline.
All this sounds great, but more obstacles remain ahead. US 10-year yields having broken above their 200-week MA, such occurence could be similar to the break of November 2016, when higher yields made their presence felt in tech stocks. Let's keep an eye on the following levels of confluence; 4550 on SPX 40K on BTC.
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