Courtesy of Chris Kimble.
Stocks, Yields and Crude Oil have experienced a high degree of correlation since the October highs and each looks to be experiencing a key price test at the same time!
The S&P 500, 10-year yields and Crude Oil hit highs at nearly the same time in early October at each (1). After peaking together nearly 16-weeks ago, each declined more than 15%. Counter-trend rallies starting taking place near Christmas, one month ago today. The rallies currently have each testing very important breakout tests at (2). Stocks, Yields and Crude bulls would love to see breakouts here.
Joe Friday Just The Facts– Each asset is testing a key breakout test at (2). Stock, Yields and Crude bulls would receive a negative price message if support would break at (3).
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