US stocks are taken another run to the downside. The Dow industrial average is now down over 700 points while the NASDAQ index has declined over 400 points. The S&P is down over 100 points and in the process tested to 4000 level.

The percentage gains range from -2.2% for the Dow to -3.3% for the NASDAQ.

S&P moves down to test the 4000 level and 50% midpoint

Looking at the hourly chart of the S&P index, the high price yesterday stalled just below the 200 hour moving average of 4120.36 (green line in the chart above). Today the price fell below its 100 hour moving average at 4035.11, and stayed below that level. The high price reached 4031.44 today.

The price did move briefly below the 50% retracement 4003.022 intraday and also fell back below the 4000 level to 3999.33. However there has been a modest rebound back above the 4000 level in the last few minutes of trading. The level represents a key natural support level for the index.

Yields continue to stay elevated:

  • 2 year 3.73%, +16 basis points
  • 10 year 3.437% +7.7 basis points
  • 30 year 3.56%, +4.0 basis point

Crude oil is trading at $87.70 that is down -0.05%.. The low price reached $86.65. The high price was up at $89.29

Needless to say the US dollar is the strongest of the majors. There has been a slowing of the rise however as traders consolidate and take a breather after the surge to the upside. The USD was the weakest of the major currencies coming into the North American session.

The biggest mover is the NZDUSD which has tumbled -1.45%.

The strongest to weakest of the major currencies