US major indices trade higher and hope to snap a three-day losing streak

Technical Analysis

Author: Greg Michalowski | sp

NASDAQ leading the way

The major indices are higher in early US trading. The NASDAQ index is leading the way. The Dow and S&P lagged but are still higher:

  • Dow industrial average up 52 points or 0.15% at 34430.50 
  • S&P index up 14.3 points or 0.33% at 4365.21
  • NASDAQ index up 93 points or 0.65% at 14559.44
In other markets as US trading gets underway:
  • Spot gold is up $14.34 or 0.8% at $1773.90
  • Spot silver is up $0.33 or 1.48% $22.88
  • WTI crude oil futures are lower by $-0.82 at $79.82
  • The price of bitcoin is down $858 and $55,136
In the forex market, the price action is shrugging off the CPI data. The initial reaction was for the dollar to move higher. Now the dollar is moving to new lows on the day versus the EUR, GBP, JPY, CHF, and the AUD. The USD is just off it's lows versus the NZD as well.  The GBP is the strongest of the majors

The US dollar is the weakest
The US rates moved higher immediately after the CPI data but has since reversed back to the downside. The 30 year yield is now down -5.5 basis points at 2.05%. It reach day high yield of 2.107% before rotating back to the downside.. The 10 year yield is down -3.8 basis points at 1.5420%. It reach day high yield of 1.602% before reversing back lower.

US rates have moved back to the downside
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