Down but off lows

The US major indices opened lower, but have seen a bounce in early trading.

  • The S&P is down about 9 points or -0.37% to 2435.15. The low extended to 2428.20
  • The Nasdaq is down -24 points or -0.39% to 6258.21. The low extended to 6228.73.
  • The Dow is down -61 points or -0.28% to 21745.41. The low extended to 21673.58.

Looking at the daily chart of the S&P, the 100 day MA comes in at 2422.78. The price bounced off that MA line at the most recent lows last week. You have to go back to November 2016 for the last time the S&P closed below the 100 day MA.

The pair is currently trading below the 50 day MA at 2450.46. The corrective move off the lows from last week could not muster much momentum on the looks above that MA line. So traders are having a battle between the two MA levels. A break (of either line) will give be eyed for the next bullish or bearish clues.

US yields remain lower.

  • 2 year 1.309%, down -1.5 bps
  • 5 year 1.688%, down 5.1 bps
  • 10 year 2.11%, down 4.7 bps
  • 30 year 2.713%, down 4.2 bps