Hello traders everywhere. One week after we saw the stock market make gains we've retreated into negative territory. All three indexes are posting weekly losses and continuing to be bound in a sideways trading range. This weeks weakness is due to a rally in crude oil prices, a pickup in government bond yields as inflation rises and geo-political uneasiness around the globe.
The 10-Year Treasury yield hit a fresh seven-year high settling on Tuesday at 3.082%, compared with 2.995% Monday, marking its biggest one-day advance since March 2017. It will end the week above the 3% level at 3.069%
The U.S. Dollar continues to gain strength with a gain of +1.21% on the week. This weeks gain erases last weeks small loss as the dollar looks to heading higher. With green Trade Triangles on the board keep your eye on the $91.28, a move below that level will trigger a red weekly Trade Triangle indicating a move to a sidelines position. Continue reading "Stocks Struggle For Traction Posting Weekly Loss"