“Yields Ease & Oil Drops: Key Stock Breakouts Ahead”
SPY likely stays above the declining trend line if 10-year yields and oil do not spike; near-term bullish bias.
First up, guys, look at the S&P 500 pushing up pretty nicely after yesterday, failing to hold this declining trend line, the breakout scenario that took place on Monday. We never got a follow-up extension, and thus, we came right back down underneath that trend line.
But you see pre-market today looking like we're about to gap up and remain above this. As long as the 10-year yield and US oil do not spike, I see the spiders could have a very good shot of staying above this trend line. near-term for the bulls that would be good. You want to see a close above 768 and54.