Major indices are opening a lower after recent run up

Technical Analysis

Author: Greg Michalowski | sp

Corrective price action at the opening

The major indices are opening lower after the recent run up.  The declines are led by the S&P index.The Dow is down but doing modestly better:

A snapshot of the levels a few minutes into the opening is showing:
  • S&P index -10.32 points or -0.33% at 3112.75
  • NASDAQ index -19.419 points or -0.20 percent at 26212.90
  • Dow industrial average -60 points or -0.22% at 26211
In the US debt market, yields are mostly higher with a steeper yield curve:
  • 2 year 0.190%, unchanged
  • 5 year 0.383%, +1.7 basis points
  • 10 year 0.780%, +3.4 basis points
  • 30 year 1.568, +3 point basis points
in other markets:
  • spot gold is rebounding after the sharp decline yesterday. It is currently up $16.13 or 0.95% at $1715.80
  • WTI crude oil futures are trading down $0.59 or -1.56% at $36.72
in the forex,
  • The EURUSD is trading back toward its high levels after the ECB surprise stimulus measures and the Lagarde press conference
  • The GBPUSD moved above its 100 day moving average at 1.2559 after the ECB decision but has since back down below that level. If the price is going higher needs to break above and stay above.
  • USDJPY is trading near low levels of the day at 108.706 after trading to the highest level since April 7 earlier in the session. On Tuesday the price moved above the 100 and 200 day moving averages. Those currently, and around the 108.30 level. The current price is trading at 108.735. Stay above the 100 and 200 day moving average and the bulls remain in control.
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