The major stock indices are trading lower with the broader S&P and NASDAQ index down around -0.40% to -0.50%. A snapshot the market currently shows:
- Dow Industrial Average -84.98 points or -0.25% at 33912.68
- S&P index -17.47 points or -0.40% at 4355.74
- NASDAQ index -66.44 points or -0.49% at 13467.31
US yields are now positive after opening the New York session modestly lower:
- 2-year yield 5.209%, -0.4 basis points
- 5-year note 4.886% +1.3 basis points
- 10-year note 4.870% +2.3 basis points
- 30-year bond at 4.979%, +2.8 basis points
The price of crude oil is marginally higher on increased Mideast tension, but off the high levels. The current price is trading at $86.82 up $0.18 or 0.21%. The high price reached $88.57. Looking at the hourly chart of the price of crude oil, the low just touched its 100 hour moving average for the 2nd time in 2 days. The 100 hour moving average moving average comes in a $86.23 (see blue line in the chart below).
The 200-hour moving average (see green line in the chart below) comes in at $85.51. It would take a move below each to increase the bearish bias from a short-term technical perspective.
Spot gold is higher by $34.76 or 1.82% at $1958.74. Technically for gold, it is trading back above its 100 and 200-day moving averages at $1922.29 and $1930.37 respectively. Recall from Friday and Monday, the price highs found willing sellers near those moving average levels. Today, there was momentum above those two moving average levels.
