The US stocks are moving lower. The Dow industrial average is now down over 2% (at -2.02%). The S&P is down -1.74% and the NASDAQ is down -1.68%. Looking at the NASDAQ index, it is approaching the high of a swing area between 18598 and 18831. Just below that level is the rising 100-hour moving average at 18508.
The 20-year note auction was met with below-average demand (I gave it a C- grade). However, the debt market may also be reacting to the big beautiful tax deal, which is expected to raise the deficit not lower it (so much for DOGE). That may be the real story.
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