Market technician Dave Chojnacki of StreetOne Technical Analysis recaps Tuesday’s anemic market action and previews Wednesday’s session with a deep dive into the market’s underlying technicals.
With no major economic reports to move the Market on Tuesday, investors continued to look at interest rates. Rapidly rising rates have spooked equities in recent sessions, as the SPX and NDX were down for three straight sessions. The major indices opened mixed and traded mixed for the entire session. Techs got some love early, but reversed late morning. By the end of the session, the NDX was able to eke out a small gain and end its losing streak. Both the DJIA and SPX ended the day with small losses. It was the fourth straight loss for the SPX. Rates eased in the session, with the 10YR falling to 3.21.