$SPY & $QQQ Bloodbath! Stocks Reverse After Federal Reserve Hikes Rates | Midday Market Minute

Posted: May 5, 2022, 2:03 p.m.

Stocks took a sharp U-Turn today! The S&P Failed at 4303, failing to take it out overnight. Dollar Index is back to104 (2020 high). We do see a Head & Shoulders in the 10 Year yields. If the yields continue higher, we do feel there will be continued pressure on stocks.

Check out our Daily Morning Express Research for Support & Resistance Levels!  

Opec+ news combined with the White House buying back what it released out of the SPR shot Crude Oil to $111 This morning. Even though we retreated, staying above $107 is crucial for construction higher.

Gold & Silver are also being flanked by yields and the US dollar.

It is very important to keep an eye on the close, as that will dictate the health of the markets and possibility of a bounce tomorrow.

Non-Farm Payrolls are tomorrow.

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