Yesterday, we observed a deeper correction in stocks during the US session, triggered by some hawkish comments from Fed members. As a result, US yields moved up to the 78.6% Fibonacci level, which often marks the final and critical point for potentially completing corrective price action, ideally up from the May low. But, it would be important to see a drop back below 4.5% on the 10-year US yields to confirm that this correction has ended. If this occurs, stocks could also stabilize and complete the current pullback from the highs, particularly in the S&P 500, and some other assets as well.
Grega
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Stocks Correct as US Yields Rally
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