As storm clouds gather over bond market, watch this level on the S&P 500

While you were sleeping, the yield on the 30-year Treasury yield briefly broke the 5% level earlier on Wednesday. Bond chaos, to be sure, is not through with this market yet.As the stock market goes along for a choppy ride, chartists are keeping close watch on an important level for the S&P 500, the subject of our call of the day.

The 200-DMA is considered a key indicator used by many chartists to determine long-term trends. After Tuesday’s selloff, the S&P 500 is still 21% above its October intraday low. The good news? “The percentage of stocks within the S&P 500 trading above their 50-day moving average is now below the 20% threshold considered oversold and sits at 15% currently,” he tells clients.

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