US yields trade to new highs after Fitch comments | Forexlive

The US yields are moving to new highs after the comments from Fitch that the US would remain on negative credit watch (to be resolved in the 3rd quarter).

The 2-year yield is up near 4.5% up 15 basis points and 4.491%. The 10-year yield is at 3.681% up 7.3 basis points. Its high yield reached 3.691%.

Looking at the hourly chart of the 10-year yield , the high-yield tested the falling 100- hour moving average at 3.688% (moved briefly above the level, but backed off). A move above would have traders looking toward the 200 hour moving average of 3.705%.

The low yield this week reached 3.570% yesterday. That took the yield below the 50% midpoint of the move up from the May 11 low at 3.60% area.

Meanwhile, stocks are relatively unfazed:

• Dow Industrial Average is up 670.84 points or 2.03%
• S&P index is up 62.46 points or 1.48%
• NASDAQ index is up 142 points or 1.08%

There IS a crack in the Nvidia bandwagon. It is down -$4.20 or -1.0% on the day.

However, if you look at Adobe, after a dip earlier this week is up 5.21% this week after rising 11.89% last week and 10.67% the week before last. Today, the price is up $10.34 or 2.42%. The move took the price above the 200-week MA at $429.58. The 100-week MA comes in at $448.43 and is the next target. In between, is the 38.2% of the move down from the November 2021 high. That level comes in at $437.01.