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.
For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily. Brooge Energy BROG, +2.58% is up 20% after the energy infrastructure provider got a buyout offer from Dubai-based maritime and shipping group Gulf Navigation. A tourist bus in Venice fell from an elevated road, killing 21 people and leaving many injured in a fiery crash.
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