NASDAQ 100 double top?
We start the new year with yields on the 10yr trying to breakout while the ZN bonds traded to levels we have not seen since the pandemic hit in 2020. The risk is while yields surge higher in anticipation of the FOMC tightening monetary policy in the months ahead, the risk is that the NASDAQ 100 starts to show some weakness. Key support in the coming weeks will be at the 50% retracement of the October lows to November 22nd highs. This support is at 15500 and a break of this support would put the 14400 level in view.