NASDAQ begins to move towards it support of 17878, as the 10 YR Yield surges to 4.3% on the Federal Reserve pushing back rate cuts in 2024. Is the market heading for a whopping correction?

The above chart shows how overstretched growth or speculative stocks have become, with the NASDAQ fueled by AI and BITCOIN (ETF) mania.  The current surge in the 10 YR yield has pushed it back up to 4.3%, last seen in September 2023.  Short end bond yields and speculation move inverse to each other for the simple and obvious reason that financing becomes more expensive, as do margin loans/trades for speculative companies, which are the majority sitting on the NASDAQ.

So, the surge in the 10 YR and the over expectation that the Federal Reserve will begin cutting rates in 2024, despite the confusing sentiment from time to time from Fed officials, inflation is still embedded into the American economy and speculative tech companies will not create abundance of jobs.

A correction could be at hand.

NASDAQ supports:  17878, 17243, 16700.  Trading range on a 4.3% 10 YR yield beatdown for the NASDAQ, is between 15800, 15228.