Market Breadth Deteriorates, Global Rates Spike

The market breadth continues to deteriorate. The S&P saw 378 declining stocks compared to only 120 advancing stocks. Even with Tesla's 3.5% gain contributing 2 points to the index, the Bloomberg 500 proxy for the S&P would have shown a worse decline. While the NYSE McClellan Oscillator ratio-adjusted finished at -73.5 (not extremely oversold), the NYSE Summation Index, a cumulative measure of the McClellan Oscillator, closed at 88.

A drop below zero in this index could signal broader market changes. Another key indicator, NYSE new highs minus new lows, showed 119 more new lows. This metric appears to be rolling over on a cumulative basis, although it's still early and such patterns have reversed in the past. The index is finding support around 6,030, while resistance remains near 6,100. Implied volatility is relatively low at 13.5 for the upcoming meeting, but this number will likely climb as we approach the meeting and fall after the press conference. Global rates, especially in the UK and Japan, are noteworthy. Yields are approaching big levels last seen during the fall of 2022 and summer of 2023, reaching the highs seen during the September 2022 “mini-budget” turmoil. JGBs are near their highs and appear poised to break out

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The market's bad breadth — plus, this stock re-ups its membership in an elite groupEvery weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
Source: CNBC - 🏆 12. / 72 Read more »

Global equity returns are disappearing as U.S. stock market rockets higherThe U.S. stock market has been having a party for most of November but hasn't invited the rest of the world to join the fun.
Source: CNBC - 🏆 12. / 72 Read more »

iPhone is dominating the global premium smartphone marketAbdullah is an ardent believer in the future of VR, and can't wait to see what more it brings to the table as technology improves. He enjoys covering new software releases in the XR industry, as well as major news about hardware and companies focused on VR.
Source: PhoneArena - 🏆 322. / 59 Read more »

Tether is Recognized as Accepted Virtual Asset in Abu Dhabi Global MarketTether services can now be offered in the Abu Dhabi Global Market by authorized firms, the company said Tuesday.
Source: CoinDesk - 🏆 291. / 63 Read more »

Stock market today: Global shares rise after tech stocks pull Wall Street to another recordGlobal shares are mostly higher after technology stocks pulled Wall Street to another record finish.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Global stocks mixed, Kospi down 1.4%, as South Korea's political drama calmsWorld stocks are mixed after overnight political drama in South Korea added to regional uncertainties.
Source: ksatnews - 🏆 442. / 53 Read more »