The Dow Industrial Average has reached a new session low, currently down 611 points or 1.90% at 31,544.05. This marks the lowest level since October 25, and the index is now down nearly 4.8% for the year. The S&P index is down 66.2 points or 1.71%, while the NASDAQ index has declined 155.62 points or 1.36%.
Today's low for the S&P index stands at 3,848.31. On Monday, the index dipped below its 2022 closing level of 3,839.85, reaching a low of 3,808.86, but ultimately rebounded to close above that level.
In the US debt market, the two-year yield has risen to 3.848%, which is still down 37.7 basis points but up from the day's low of 3.72%. The 10-year yield is currently at 3.445%, down 19.1 basis points, but higher than its lowest yield of 3.388%.
Gold is trading higher by $20.54 or 1.07% at $1923.80. The high price today reached $1930.34. That was the highest level since February 2. The high price for the year reached $1959.74.
Just last week, the price got close to its rising 100 day moving average. On Wednesday, the low price reached $1809.48. The 100 day moving average was just below that level at $1805.99. Those dip buyers against the 100 day moving average were rewarded with a rise of around $115 or 6.39% over the next five trading days.
There is blind luck and there is traders luck. Traders luck is when traders lean against key risk defining levels, and are rewarded beyond their expectations as a result of some event. Buyers against the 100 day moving average had some decent traders luck.
