The negative momentum built and built and built, and the culmination was a day like today. There was a clear sell-off across the markets as indices tested their June lows (3639 on S&P futures and 11k on CCMP futures). The macro-environment remained little changed – 10-year yields remained above 3.67%, the resistance they blew through yesterday on the way to 4.0%. The dollar continued to steamroll everything in its path. The next technical target for the DXY is 120.
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