US major indices open the day lower

Technical Analysis

Author: Greg Michalowski | sp-index

It's Friday. It's the end of the quarter. Coronavirus fears dominate

It's Friday. It's in the quarter. Coronavirus fears are more dominant so far today. Prime Minister Boris Johnson is the latest high profile person to be stricken by the virus. University of Michigan sentiment index will be eyed as well the daily press conference from New York and the White House.

A snapshot of the major indices near the open are showing:
  • S&P index -84 points or -3.17% at 2546.66
  • NASDAQ index -221 points or -2.85% at 7574
  • Dow -788 points or -3.5% at 21769
in other markets:
  • spot gold is trading down $4.40 or -0.27% $1627
  • WTI crude oil futures are trading down $0.88 of -3.89% $21.70
in the US debt market yields are lower with the yield curve flattening:
  • 2 year 0.280%, -1.1 basis points
  • 5 year 0.436%, -8.8 basis points
  • 10 year 0.731%, -11.3 basis points
  • 30 year 1.332%, -9.9 basis points
The Bank of Canada lower rates by 50 basis points after an emergency meeting. The USDCAD moved higher in response, but ran into resistance pressure around the 1.4150 level.

The EURUSD bias turned back to the downside today after holding resistance against the 200 day moving average in the Asian session and dipping below the 100 day moving average in the early European session. The pair is now testing a support level at 1.0950. A move below will have traders looking toward a lower trend line near the 1.0900 level currently
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