Here are the high Impact Events for this coming week (Have included some medium impact events which i feel should be considered high too)
- 10 yr Bond Auction – low take up rate for the 10 yr US Bonds this week will cause the US 10 YR Treasury Note Yield to go up. Already the yield has completed a bullish reversal at the key Fibonacci level of 1.279 and i foresee it hitting the resistance level of 1.462 soon. This does not bode well for growth stocks.
Consumer Price Index (CPI) – with the rise of Crude Oil due to indecision from OPEC on Monday, its a high probability that CPI will rise compared to June 2021. A rising CPI indicates a strong US Dollar , which again tells the Fed its time to raise interest rates.
Do refer to my post here regarding OPEC in July 2021
In summary, i foresee that the US 10 YR Note Treasury yield will continue on a bullish run which started end last week. Will growth stocks and NASDAQ see Red ??