The major US indices are trading higher for the second consecutive day after the President Trump victory gives investors hope for more growth, more stimulus. The Dow industrial average which led the way yesterday however is trading above or below unchanged.
A snapshot of the market currently shows:
- Dow industrial average down -12 points or -0.3% at 43721
- S&P index up 34.74 points or 0.42% at 5953.53
- NASDAQ index up 170 points or 0.90% at 19154.46
The small-cap Russell 2000 is trading down -5.96 points or -0.25% att 2387.34.
Yields in the US are lower after the 10-year yield certified 16 basis points yesterday. That was the largest one-day gain since April 10 when yields moved up 17.8 basis points. The yield reached a high of 4.479% which was the highest level since July 1 when the yield traded as high as 4.497%. Today the yield is currently trading at 4.386%, down -4.0 basis points on the day.
- 2-year yield 4.226%, -4.2 basis points
- 5- year yield 4.223%, -4.9 basis points
- 10 year yield 4.386%, -4.2 basis points
- 30 year 4.573%, -2.7 basis points
Bitcoin is trading lower today by about $1000 at $74,741. The digital currency reached an all-time high price yesterday at $76,481.
Crude oil is trading down $0.47 or -0.67% at $71.22
The USD is lower with the:
- EURUSD trading to a new high at 1.08124, and looks toward its converged 100 and 200-hour moving averages near 1.0839.
- GBPUSD is testing the 100-day moving average at 1.29888. That is also the high of a cluster of moving averages starting with the 100 hour moving average at 1.2945. Move above the 1.2988 level tilts the bias more to the upside with a move above the 1.3000 adding to the bullish bias.
- USDJPY is moving to a new low and is back below its broken 61.8% retracement at 153.397. It’s converged 100 and 200-hour moving average at 152.895 is the next key targeted level. The price is currently trading at 153.16.
- USDCHF is moving lower and approaches the high price from last Friday’s US jobs report at 0.87109. The price is trading at 0.87248. The broken 38.2% retracement of the move down from the May 1 high comes in and 0.86983 (call it 0.8700). That level will also be a key target on further selling nine.
- USDCAD is below its 100 and 200-hour moving averages near 1.3900 area. The 100-bar moving average on the 4-hour chart comes in at 1.38633 and is the next downside target. Below that and a swing area between 1.3833 and 1.3847 will be targetted. Below that 1.38133 is another key target on more selling (was a floor on the hourly chart).