SPY Technical Analysis for Thursday August 10, 2023
Double Bottom Attempt: Analyzing the SPY's m15 Demand Range - ES1! and NQ1! Bonus Charts
Wall Street Dampened by Tech Declines and Rising Energy Prices; Eyes on Upcoming Inflation Data
A decline in major technology stocks and a surge in energy prices dampened Wall Street's mood, with investors eyeing upcoming inflation data that could influence the Federal Reserve's future actions. The S&P 500 closed near its session low, after a brief recovery, and the Nasdaq 100 dropped by 1%. Nvidia fell nearly 5%, following its impressive growth due to the AI boom, while Tesla, Apple, and Amazon also suffered declines. A 28% rise in European natural gas and a nine-month oil price rise intensified concerns about inflationary pressures.
Meanwhile, the demand for the new Treasury 10-year notes was so strong that investors settled for just under a 4% yield. The $38 billion auction settled at 3.999%, marking the third consecutive 10-year issue to yield less than 4%. The larger-than-anticipated size of the offering, announced on August 2, initially pushed the yield up to 4.19% in pre-sale trading, but investors ultimately accepted the lower yield.1
SPY Gap Holds During Pre-Market
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