S&P also climbing back off lows
The Nasdaq composite was down about 1 % on the day near the lows, but stalled after falling below its 50 day MA at 5823.24. The low extended to 5819.25 at the lows. The index has not closed below that MA line since early December. That break was quickly reversed. In March there was a test, but once again buyers came in.
The Nasdaq composite index currently trades at 5831, down -48 points or -0.82%.
Trump may have saved the day by once again saying tax changes were coming. He is meeting with business leaders at the White House. I wonder when the participants will start getting tired of the monthly visits. The markets are still awaiting the plan. They must be too.
The S&P reached a low of 2334. It currently trades at 2342 down -0.62%.
The 10 year yield is also rebounding a bit. The low reached 2.29% - below the 2.30% support area. However we are back up and trading at 2.31% currently. There is a 10 year auction the market is preparing for at 1 PM ET.
The USDJPY moved to a low of 109.618. The USDJPY has been reactive to the yields in the US. The 109.373 is the next key target for the pair. That is the 50% of the move up from the September low. The 108.83 is the 50% from the June 2016 low.
