US stocks give up premarket gains and open lower on the day

The US stocks tried to trade higher in pre-market trading but has given up the gains slowly through the pre-market trading and the data dump today in the US did not change any minds as to the expected Fed bias. They will tighten by 75 basis points next Wednesday, and likely push the US economy to slower growth ahead that should see lower earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term. That has the stocks on the back foot and trading lower today.

The snapshot of the market currently shows:

• Dow industrial average down -59 points at -0.19% at 31076.10
• S&P index -14.75 points -0.38% at 3931.37
• 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 -55 points or -0.48% at 11666
• Russell 2000-8.6 points at -0.47% at 1829.84

Having said that, the lows are still above the lows from last week's trading.

• Dow industrial low last week he came in at 31048.
• S&P index low last week came in at 3886.75
• NASDAQ index low last week came in at 11471.50

Those levels will be key downside targets. Getting below opens the door for a further probe toward the June lows which are also still a ways away.

So although the markets are bearish, there is room to roam thanks to the sharp rebound higher seen in June

A snapshot of yields days shows

• 2 year 3.56%, +6.4 basis points
• 5 year 3.662%, +5.7 basis points
• 10 year 3.455% +4.9 basis points
• 30 year 3.486%, +2.4 basis points

The USD is seeing choppy up and down price action:

• EURUSD is back below the parity level and back below the 200 hour moving average at 1.0002 after the try above failed in early New York trading

• GBPUSD is lower and stays below its 200 hour moving average 1.1556 today. Downside targets include 1.1442 to 1.14499 ahead of the extreme low for the year at 1.14042
• USDJPY is above its 100 hour moving average 143.09 and its 200 hour moving average 142.94. The current price trades at 1.3.39. The pair consolidates after the threat of intervention yesterday by the Bank of Japan.
• The USDCAD is moving back toward the ceiling developed over the last week of trading at 1.3208. The current price trades just below the 1.3200 level
• USDCHF him and trades just below the 100 hour moving average at 0.95829. There is support near 0.9537 to 0.9553