Stock indices trading at session lows

Turkish Lira continues to slide. Argentina central bank raises rates to 45%

The emerging market meltdown continues with the USDTRY testing the 7.00 level once again. Also the Argentina central bank raised rates to 45% to try and stem its currencies decline.

The US stocks are not liking the trends (although they do tend to be short lived occurrences).

• The S&P is down -12 points at 2821. The low just extended to 2819.88
• The Nasdaq is down -22 points or -0.28% at 7817. The low reached 7814
• The Dow is down -149 points or -0.59% at 25163. The low reached 25153.

Technically, the 100 hour MA on the Nasdaq is at 7809.246. The low today is still about 5 points above that level but it is getting closer. A move below will look toward the 200 hour MA at 7785.71.