Violent whipsaw during Powell’s speech keeps rates trending up

The rollercoaster of price action into and after the FOMC’s rate decision proved to be dizzying for many market participants, and the specific act of Treasury yields firming after Powell’s comments proved to be detrimental to US equity markets.  Specifically, the 2-year yield along with 10-Year yield both showed whipsaws that caused rates to turn back sharply higher following earlier plunges.  Importantly, this $SPX pullback has now given back 38.2% of the prior rally and is thought to have a maximum move lower to its 50% retracement of the October bounce, and the area at 3712 directly lines up with some key support near the former intra-day highs from 10/14.  Overall, both Equities and Treasuries look to be nearing support from a price perspective, and this early November volatility should be nearing its end by Friday.

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