ES levels July 28 , 2023
ES levels July 28 , 2023
On a specific day, around 1:00 p.m. ET, the stock market started to decline, potentially due to multiple catalysts. A Nikkei report revealed that the Bank of Japan (BOJ) might discuss changes to its yield curve control policy, leading to concerns about unwinding carry trades that supported U.S. asset prices.
Simultaneously, the $35 billion 7-year Treasury note auction received disappointing demand, causing selling in the Treasury market. As a result, the 10-year note yield rose to 4.01%, and the 2-year note yield increased to 4.92%. The U.S. Dollar Index also rose to 101.78, while the dollar depreciated against the yen.
The S&P 500 encountered resistance when attempting to retest the 4,600 level, coinciding with the BOJ news and Treasury auction results. This resistance, along with the news, prompted investors to take profits in a market perceived to be due for a pullback.
As a consequence, many stocks participated in the afternoon sell-off. Declining issues outnumbered advancing issues at the NYSE with a 7-to-2 ratio and at the Nasdaq with a better than 5-to-2 ratio.
On a specific day, around 1:00 p.m. ET, the stock market started to decline, potentially due to multiple catalysts. A Nikkei report revealed that the Bank of Japan (BOJ) might discuss changes to its yield curve control policy, leading to concerns about unwinding carry trades that supported U.S. asset prices.
Simultaneously, the $35 billion 7-year Treasury note auction received disappointing demand, causing selling in the Treasury market. As a result, the 10-year note yield rose to 4.01%, and the 2-year note yield increased to 4.92%. The U.S. Dollar Index also rose to 101.78, while the dollar depreciated against the yen.
The S&P 500 encountered resistance when attempting to retest the 4,600 level, coinciding with the BOJ news and Treasury auction results. This resistance, along with the news, prompted investors to take profits in a market perceived to be due for a pullback.
As a consequence, many stocks participated in the afternoon sell-off. Declining issues outnumbered advancing issues at the NYSE with a 7-to-2 ratio and at the Nasdaq with a better than 5-to-2 ratio.
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