US markets took a breather today. The S&P 500 and surrendered more than half of Friday's gains and flirted with the 5 day moving average once again. The USD (DXY +.35%) managed to stop bleeding for one day and bond futures (ZNH18 - .19%) sold off again as the yield on the 10 year Treasury got up to 2.707% at one point.
It was an orderly sell-off even as implied volatility made an unrelenting and steady climb of +13.84% as of this note.
Perhaps participants are suffering some fear of heights on the eve of the Tuesday night's State of the Union Address and Wednesday's FOMC statement wording.
ESH18 15 minute view, (delayed 10 minutes because I can't figure out how to post a platform chart)
