US 10-year yields are testing 4% and the S&P 500 is testing the 200-day moving average. Those two things aren't a coincidence as the ISM report showed renewed inflation and the Fed's Kashkari (normally a dove) hinted at moving up his dot above 5.50%.
The index is down 29 points, or 0.7%, to a session low at 3947 with the 200-dma at 3940 today.
You can see the recent history of the 200-dma and it hasn't been pivotal but back in August it rallied right to the 200-dma and then crumbled in a memorable technical moment.
