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S&P500 to test support at 1800

BNP Paribas remain bullish for the longer-term outlook for US stocks despite the likelihood that the S&P500 will test support at 1800, at the long-term trendline. If this is broken in this correction, the bank sees the next support at 1740. Their longer-term bullish outlook remains in place as prices are still above the 200-day MA.

Will stock ratio confirm US yield rally?

The recent rise of the US 10-year Treasury yield and the prospect of a sustained rally beyond 3% may lack conviction, according to Mike Sacchitello of Stone McCarthy Research Associates. The US financials/utilities ratio, historically a reliable indicator, has failed to support the rally.

30-year Bund: Reasons to get long

The 30 year yield of the German Bund is in overbought territory with the bigger picture suggesting still lower yields to come, says Chris Williams at Newedge. This view is further supported by the failure of the 30yr yield at the 2.527 level, and a continued weakness in stocks.