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Monday, June 21, 2021

10 year yield moves below 100 day MA for first time since October 2020

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100 day MA at 1.49%.

The US 10 year move up to a high of 1.533% after the stronger than expected CPI data today, but has since seen buying and yields moving back to the downside. 

100 day MA at 1.49%.

The yield has now moved back below the 1.500% level and also 1.49%. That level is important as it represents the 100 day MA. The last time the yield traded below the 100 day MA you have to go back to October 2020.  Stay below today would tilt the technicals more to the downside.  

The US treasury will auction off 30 year bonds at 1 PM ET later today.  The 10 year auction yesterday attracted strong overseas demand.  

The lower yields are having an impact on the bank stocks today. Most were higher earlier today as rates seemed certain to move higher after the CPI data, but have since see a rotation lower. JPMorgan traded as high as $164.61, but is trading at $161.80 now (down -0.70% on the day). Wells Fargo reached a high at $46.65, but is now negative at $45.53.  

bank stocks

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