Tech stocks continue the tumble lower. The NASDAQ index down 6% this month

Technical Analysis

Author: Greg Michalowski | sp

Major indices lower in early trading

The major US indices are lower in early New York trading after yesterday's declines. The Dow is joining the selling after closing at session lows yesterday and giving up gains of over 300 points.  It was the first decline in five trading days.  The Dow has tacked on a another -360 point decline in early trading. The tech heavy NASDAQ is also under pressure after yesterday's 350 point decline.  It is down around 210 points and really trading.

The snapshot of the market currently shows:
  • NASDAQ index -210 points or -1.57% at 13191
  • S&P -51.48 points or -1.23% at 4137.35
  • Dow -360 points or -1.04% at 34379.
Legendary investor Stanley Drunkenmiller was on CNBC with the bearish view on the Fed, stocks, dollar, etc.  

In other markets:
  • Spot gold is trading down $-13.60 or -0.74% $1822.43. The price remains above the $1800 level but is not getting too much of a flight to safety or inflation hedge bid.
  • Spot silver is down nine cents or -0.33% $27.20 
  • WTI crude oil futures are trading down $0.55 or -0.83% at $64.37
US yields are higher with the 10 year up by 2.5 basis points. The U.S. Treasury will auction off $58 billion of three year notes at 1 PM ET.

US yields are higher A snapshot of the forex market, is not much different than the early New York snapshot. The EUR remains the strongest, while the CHF means the weakest. The JPY has moved higher in early NY trading. The USD is also a bit higher but still with a small tilt to the downside. 

The US dollar is still mixed

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