Sun, Feb 05, 2023 @ 18:09 GMT
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Elliott Wave Analysis: S&P500 and 10 Year US Notes

S&P500 made an impulsive rally yesterday due to a Powell’s speech, so seems like it’s heading higher within wave C/3, which should be made by five sub-waves, where we see room towards 2750-2770. But, we should be careful at this stage with bullish looking stocks for wave 3, because we see 10year US notes also trading bullish in positive correlation with S&P500 which is not exactly normal and this means that US stocks can see limited upside only for a wave C.

S&P500, 30Min

10Y US Notes vs. S&P500 Futures, 4h

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