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Nasdaq 100 slides with US bonds

The rebound in US yields is creating some shockwaves out there today across the wider markets. The dollar is sure getting a tailwind from the fall in US bonds and corresponding yields and we have already seen what that has done to gold. The impact on the equity space is not to be ignored either. Personally speaking, I think the stock market bulls have gotten ahead of themselves over the past couple of weeks by expecting a Fed cut as a done and dusted deal in Q1 2024. Anyway the reset on that outlook is playing this afternoon for sure. Where this is also being seen is in interest rate sensitive Nasdaq 100. I said earlier; that the break below 15,834 was not a very auspicious sign and now that drop back has just extended to below 15,700. The bears are certainly  out to play this afternoon, with some good reason for cheer it seems right now, as the Bulls get ready to form an orderly queue out the ring. That said, it is not a stampede by any means yet, but if those bond markets keep falling, then it might start to give the impression it could become one 
 

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