Coach Mark here.

It is unemployment week and, in a week, where the whole market is focused on the dollar and yields, there was some hope that the economic data would come in a little soft today. A little bad news could relieve the pressure on the uptrend in yields and the dollar which have been entirely the source of market volatility in recent weeks. That was not the case.

JOB openings data came in today and it was HOT. Hot in the sense that the number of job openings reported was extremely higher than estimates. As such yields are climbing…again. The higher yields climb the more stress it will put on the real economy and the markets.

We can wish that was not the case but that is the story in the market right now. If the market can put in a support level here it would be impressive but for now, we are a stretch from one forming that can be counted on from a bullish perspective.

Additional employment data is coming each of the next three days and we will continue to break down the macro and technical situation as it develops in the Halftime Report.

Have a fantastic Tuesday and email us at team@tackletrading.com if you need anything at all.

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Chart of the Day: 10-Year Treasury Index (TNX)

How high can you go? I look forward to showing charts other than the 10-Year Treasury Index and the Dollar but those are the charts that matter right now! We are all currency and bond traders whether we like it or not!

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