Michael Ashbaugh

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June 11, 2020, 12:21 p.m. EDT

Charting a bearish reversal, U.S. benchmarks venture (way) under key support

Charting Fed-fueled cross currents: 10-year yield violates key support, Financials stall at 200-day average, Rate-sensitive sectors balk at key resistance, TNX, XLF, XLU, IYR, XLP

By Michael Ashbaugh, MarketWatch

U.S. stocks are firmly on the defensive early Thursday, pressured amid renewed virus concerns and as markets digest Wednesday’s firmly-dovish Federal Reserve policy language.

Against this backdrop, the S&P 500 has plunged to retest major support (3,070) amid a downturn placing the 200-day moving average (3,013) swiftly within view.

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