Yes probability is higher for continuation of downtrend. But I have seen a stat mentioning 62% of retail on a US trading platform are shorting the market so it might be time for insto's to catch them all out & create a big short squeeze.

Market here not liking rising bond yields.

https://au.investing.com/rates-bonds/australia-2-year-bond-yield

Australia 2-Year Bond Yield

Sydney

Create Alert

Add to Watchlist

2.839 +0.054 +1.94%

11:46:00 - Real-time Data. ( Disclaimer )

• Prev. Close: 2.785
• Day's Range: 2.818 - 2.848

The 2 year bond chart appears to be forming right hand shoulder peak at 2.95%. Peak is 3.484% - 2.631% neckline = 0.853%. 2.631% neckline - 0.853% = 1.778% target same as March.


https://au.investing.com/rates-bonds/australia-10-year-bond-yield

Australia 10-Year Bond Yield

Sydney

Create Alert

Add to Watchlist

3.581 +0.078 +2.23%

11:48:51 - Real-time Data. ( Disclaimer )

• Prev. Close: 3.503
• Day's Range: 3.554 - 3.595

The 10 year bond chart is also forming the right hand shoulder peak at 3.608%. Peak is at 4.186% - 3.383% neckline RHS = 0.803%. 3.383% neckline - 0.803% = 2.58% target same as March 2022.

In March that ASX XTX was as high as 2,580 / 2,010 now = +28.35%.



Nasdaq has broken through upper downwards channel. If it can get through 50 DMA & overcome June highs the next resistance is February lows. It could breakdown based on macro & fundamentals in leau of technicals.

Apparently oil could be headed for $60 once it breaks below $96 which fits with fundamentals of recession.




US GDP was negative Q1 & forecast to be negative Q2. My hairdresser today mentioned we are in a recession too, that meals at the local were same price but smaller sized servings & that many businesses have closed. But the Macca's drive thru is always full so I don't know.