Support Has Been Breached and Buyers Are Pulling Their Bids!

Yesterday, the market started off on a weak note and it never recovered. It convincingly broke below the neckline of the head and shoulders pattern. That also represents the 200-day moving average. From a technical standpoint, the market is very weak. After an initial rally this morning, the market quickly reversed and it is testing the downside. Today, a 10-year bond auction is scheduled and we will have the results around 1 PM Eastern time. If interest rates continue to rise, the market will sell off. There is already a great deal of nervousness priced into the market and it is …

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