Japan’s NKY breaks out, while US Semiconductors & Homebuilders weaken

US Equity indices and Treasury yields remain quite choppy, but the weakness coinciding with Yields pushing up still looks to extend into next week.  Trends and momentum are short-term negative, and the breakdown to multi-day lows likely results in a bit more technical deterioration into next week.  Only on a TNX break under 4.05% would it be right to trust an Equity bounce in September

As this week comes to a close, US and Sovereign bond yields have continued to press higher.  German and Italian 30 year yields have reached the highest levels in more than a decade, and US yields have also achieved the highest weekly closes since 2007.

This breakdown has adversely affected Technology this week, and Equity indices are thought to be vulnerable with Yields pressing higher. 

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