S&P Sharply Lower On Bond Yields

S&P 500 Futures---The S&P 500 in the June contract ended the week on a sour note down 52 points at 2810, however basically unchanged for the week as panic selling entered the market right on the close.

The main reason for today's sharp loss is the fact that inversion on the bond yield curve happened today as that is sending shockwaves throughout the financial system as sometimes this situation can predict a future recession.

The S&P 500 hit a 5 month high in yesterday's trade as the Federal Reserve said they will not raise interest rates for the rest of 2019. I still remain bullish this market and if you have read any of my previous blogs you understand that I still think all time highs will come about soon, but these panic sell offs happen and that's what happened in today's trade in my opinion.

The banking industry got pounded in today's trade as JP Morgan, Wells Fargo, and Bank of America were sharply lower as they do not like inverted yield curves as the 5 year notes are trading higher than the 10 year note, but I still believe in the U.S economy as I think today will be forgotten about soon.

TREND: --HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY---HIGH

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