US Dollar and Rates pushing up have delayed the rally

The immediate reversal in Yields and US Dollar on Friday has delayed Equity markets from turning higher as quickly as anticipated.  Technically speaking, both $DXY along with charts of $TYX, $TNX and $FVX still look to push higher into next week.  Thus, an immediate rally has a bit less conviction in my mind until we truly see a stalling out and reversal in both the Dollar and rates.  A couple things are important to highlight:

SPX has now pulled back under its 50% retracement zone, despite time also lining up at a key 50% retracement.  The next price area of real importance lies at 3925-30, lining up with a 61.8% Fibonacci retracement which should be forthcoming.

Trendlines from October 2022 lows are in jeopardy of being broken, along with SPX pulling back to test its 200-day moving average.  (I care less about the latter, and more about the former).

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