Ian Reynolds
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Overnight
Economic Indicators Released Overnight
Wild swings in markets as Bitcoin and Asian equities had massive liquidations but focus moving to the supreme court fiasco as the day went on. No follow through from London and New York and prices bounced.
What data we could glean from the US economy was a better than expected ADP report but still at a very low level. The Non-Manufacturing PMIs were encouraging but not relevant to price.
US Equities
Breaking
Wall Street rebounds as solid data, strong earnings offset valuation concerns [Reuters]
South Korea halted KOSPI equity index futures trade after a 5% drop [TradingView]
Shutdown could close some US airspace, airline stocks fall [Reuters]
US private sector employers added 42,000 jobs in October [FT]
Bitcoin
More crypto catastrophes as coins collapse, treasuries implode and leverage is wrecked. Which is a good thing. Read more
Commodities
Price trying to break below 64.10 for the move lower to 60.25 and then lower. Read more
Foreign Exchange
After 6 small up days the DXY might be running out of steam, or maybe just waiting for the Supreme Court decision. According to CNN however, a decision is expected by the end of June 2026, though it could come sooner. So uncertainty will be driver of USD direction and that would be lower in price. Read more
Equities
Equities rebounded strongly as there was no follow through from the Bitcoin/Asian markets sell-off. Back over 6,855 and we’re back in the trend again and now strong support at 6,770. Read more
Bonds
10 year yields closed at 4.16% as tariff uncertainty becomes the market focus. What crash yesterday? And we almost tagged support. A clean bull flag break higher with resistance between 4.18% and 4.20%. Read more
US 10 Year Government Bond Yield Daily
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