Major US indices open in the red

Yesterday the FOMC raise rates by 25 basis points increased their expectations for rate rises in 2022 to 7 from 3 in December. The US stocks rallied as shorts squeezed, and perhaps traders were encouraged by the Fed's aggressiveness. They are now on par with the analysts. That is a thought at least.

Today the major indices Indices Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Read this Term are trading lower in early trading as there may be some rethink the economy including inflation, growth or slowing growth, geopolitical tension, etc.. All these stories still remain and provide a tremendous amount of uncertainty. Nevertheless, the market have been oversold and the two day surge (S&P rose 4.4% and NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term rose 6.8%), is what can happen.

So onto today, the snapshot of the market 11 minutes into the opening it is showing:

• Dow industrial average -103.79 points or -0.3% at 33959.32
• S&P index -11.04 points or -0.25% at 4346.81
• NASDAQ index -49.13 points or -0.37% 13387.42
• Russell 2000-2.54 points or -0.13% at 2028.17

Of interest at technically, is that in the S&P index, the price rise yesterday stalled just ahead of its falling 200 hour moving average currently at 4359.70. Back on March 3, the price also tested that 200 hour moving average only to find willing sellers against that level. Going back to February 9 of February 10, the pair briefly moved above the 200 hour moving average only to find sellers quickly thereafter.

If the prices is to go higher, getting above the 200 hour moving average is a major step from a technical perspective. Absent that and buyers could easily turn to sellers and force the price back down toward the 100 hour moving average currently at 4290.43 (blue line in the chart below).

In other markets a snapshot currently shows:

• Spot gold is up $15.96 or 0.83% at $1943.42
• Spot silver is up $0.31 or 1.24% $25.40
• WTI crude oil is pushing $102 at $101.96. That's up $6.93 or 7.29%. Buyers are back in.
• The price of bitcoin is trading just under $41,000 at $40,996.08
• Wheat futures are trading up $0.10 at $10.81. The price traded as low as $10.31 before rebounding to an intraday high of $10.86
• Corn futures are up $0.21 at $7.51

In the US debt market, the yields are modestly changed:

• two year 1.943%, unchanged
• 10 year 2.172%, -1.8 basis points
• 30 year 2.451%, -0.6 basis points

IN the Forex, the AUD remains the strongest and the GBP remains the weakest after they raise rates by 25 basis points but expressed some hesitancy. The USD is little changed vs the JPY, CHF, CAD, up vs the GBP and down vs the EUR, AUD and NZD.