Chart of the Day - Monday, November 7th, 2022
November 7, 2022
Today’s Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). It's a chart of the US Dollar Index ($UUP) and the 10-year US Treasury yield ($TNX) year-to-date. Many are anticipating a year-end rally for stocks, but in order for that to happen, these two likely need to stop going up. The good news is that neither has made a new high post-FOMC. The bad news is that both continue to be in robust uptrends. The Dollar is looking slightly vulnerable, as it's currently testing its uptrend line. The 10-year yield is in better shape, just a 3bps from a fresh high. As Jay points out, these two continue to be the most important charts out there right now, so pay attention!