Market technician Dave Chojnacki of StreetOne Technical Analysis kicks off the new trading week with a deep dive into the underlying technicals for the major U.S. averages.
Employment numbers came in lower than expected on Friday, but revisions in prior months balanced the difference. The Unemployment rate at 3.7% was the lowest since 1969. Equities ignored the news and opened lower, as rates continue to rise and Bonds continue to fall. The 10YR has moved up to 3.23%.
The good news at the beginning of the week regarding the new trade deals, has been shadowed by rates. Techs and Chip stocks took it on the chin Friday and helped push the NDX to be the biggest loser. The major indices did come off their lows of the session, but the NDX still managed to close with a significant loss.