Good news is bad news for stocks. Yields up. Dollar higher.

The US stocks have turned back to the downside as better US data is bad news for stocks as it keeps the Fed more in play, raises rates, and threatens the hopes for inflation to come back down.

• The Nasdaq NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index which was above its 200 hour MA at 12071.42 is now back below that MA level. The current price is down -42 points or -0.34% 12040.40.
• The S&P index is testing its 200 hour moving average of 4095.44 . The low price for the day just reached 4095.36 and we are seeing a modest bounce up to 4102.49 down 29.5 points or -0.72%. Watch the 200 hour moving average for intraday clues and for a bias shifting technical development. So far holding the moving average is keeping the buyers in play. However a move below and the momentum to the downside should increase.

US yields have moved higher:

• 2 year yield is at 2.652%, up 8.9 basis points. The low yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term was at 2.561%
• 5 year 2.923%, up 10.2 basis points. The low yield reached 2.821%
• 10 year 2.926%, up 7.8 basis points. The low yield reached 2.835%
• 30 year 3.089%, +4.2 basis points. The low yield reached 3.030%

In the forex market, the USD has pushed to the upside.

• USDJPY moved above the high for the day at 129.608, and also moved above the swing area between 129.63 and 129.787 (see earlier post here)

• EURUSD: The EURUSD broke below its 200 hour moving average 1.06979 and the low from yesterday at 1.06787. The next target comes against the low from May 25 at 1.0641. That is the high of a swing area between 1.0633 and 1.0641. Move below that level and the 38.2% retracement of the move up from the May low at 1.06187 becomes the next target. Close risk is now the low from yesterday at 1.06787. More conservative risk would be the 200 hour moving average 1.06979. See earlier post here.