S&P Tumbles Below Key Technical Support, Bonds Bid

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by Tyler Durden
Friday, Jan 21, 2022 - 03:32 PM

As this morning's chaotic open uncoils into another leg lower, Nasdaq is now suffering its worst start to a year in at least 30 years (it is very slightly worse than 2008), and the S&P's longest weekly losing streak since Sept 2020.

Crucially, the S&P 500 just broke below its 200DMA...

If the PPT is gonna step in, now's the time!

Which now means all the US majors are below their 200DMAs...

As Jim Bianco notes, if the S&P closes below the 200DMA, this ends a 409 trading day streak above it - the longest streak in 8 years.

And as stocks are getting hammered, bonds are bid with the long-end yield tumbling to 3 week lows...

But, but, but, we were told tech was getting trashed because yields were rising?