Major indices open lower. Five day win streak in jeopardy

Technical Analysis

Author: Greg Michalowski | sp

Dow, S&P, NASDAQ have all made record closes two days in a row

The major indices are opening a lower, and with the declines, the five day win streak is in jeopardy. On Friday, the three indices closed at record levels. Yesterday, all three also closed at record levels. That string is also in jeopardy.

A snapshot of the market currently shows:

  • S&P index is trading down -22 points of -0.5% at 4399.91
  • NASDAQ index is trading down 55.2-0.37% at 14784
  • Dow industrial average is trading down -180 points or -0.47% at 34977
Looking at the forex market, the JPY remains the strongest of the majors, and the NZD remains the weakest. The USD has moved lower in early North American trading.  

Dow, S&P, NASDAQ have all made record closes two days in a row
  • Spot gold is trading up $6.27 or 0.35% at $1803.34.
  • Spot silver is down eight cents or -0.34% at $25.10
  • WTI crude oil futures are down $0.27 or -0.38% at $71.91
At 10 AM, consumer confidence for July (estimate123.9 versus 127.3 last month) will be released along with the Richmond Fed composite index (estimate20 versus 22 last month).

US yields are lower with the 10 year yield now down 3.7 basis points. That seems to be helping the dollar move to the downside.

US yields are lower
Apple, Alphabet, and Microsoft will all release their earnings after the close.

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