2/13/24
The Dow Jones Industrial Average is down 546 points, or 1.41% so far today, after a higher than forecast January CPI. We believe this is mostly due to a sharp breakout in 10-year U.S. Treasury yields, +11.5% BPS today to 4.287. The USD Dollar/DXY also had a strong breakout move, +0.78%.
The higher than forecast CPI has pushed bond yields and the Dollar higher and pushed Fed rate cut expectations out to June 2024. We view this as standard technical pullback from recent highs and see support in the 36950-37700 range. We expect to be buyers of the pullback over the next 2-5 days.
Larry Tentarelli
Chief Technical Strategist
Blue Chip Daily Trend Report, LLC
Blue Chip Daily Trend Report
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