The major indices are trading mixed but shaking off their earlier declines.
A snapshot of the market currently shows:
- Dow industrial average down -89.93 points or -0.27% at 33089
- S&P index -6 points or -0.14% at 4154.68
- NASDAQ index up 33 points or 0.27% at 12207.80
- Russell 2000-8.13 points or 0.42% at 1911.40
Looking at the S&P index, the price moved above its 200 hour moving average on May 27, and has been able to stay mostly above that moving average since that time (there were shallow dips on June 1 and June 2 below the moving average line).. The price is also trading above and below its 38.2% retracement of the move down from the March 29 high to the May 20 low.
In the short/intermediate-term if the price can stay above the 38.2% retracement and 200/100 hour moving averages (green and blue lines), the bias remains more bullish.
US yields remain higher with the
- 2 year up 3 basis points at 2.762%
- 10 year yield up 4.2 basis points at 3.02%
- 30 year up 4.6 basis points at 3.172%
The US treasury will auction off 10 year notes at 1 PM ET.
Crude oil is trading just below the 120 level at $119.98. That's up $0.56 or 0.48%.
In the forex, the snapshot shows the EUR remains the strongest and the JPY has pushed even lower to lead the major currencies to the downside.
