Major stock indices are not doing well heading into the close. The Dow Industrial Average is the best performer with a decline of -0.44%. The S&P index is down -0.64% and the NASDAQ index is down -0.98%.
Looking at the hourly chart, the NASDAQ is trading at its lowest level since June 27 and getting closer to a swing area between 13334.12 and 13441.56. Below that, and the 38.2% retracement of the move-up from the March 13 low would be the next major target at 13123.40.
NASDAQ index moves to the lowest level since June 27
Yields are moving higher and near their highs for the day:
- 2 year 4.980% +2.6 basis points
- 10 year 4.264% +4.3 basis points
- 30 year 4.362% +4.4 basis points
The USD is moving higher:
- EURUSD moved to a new low for the week at 1.08709. The price also moved back below the 61.8% retracement of the move-up from the end of May low to the July high at 1.08801 (close risk in the short-term).
- USDJPY extended above a swing area at 145.90 and has continued the momentum. The price is trading at 146.35. The 145.90 level is now a close risk level.
- GBPUSD has cracked back below its 200-hour moving average at 1.27219. The New York session low reached 1.27106. The pair is still higher on the day after better-than-expected CPI took the price higher in the European session. The 100 hour moving average at 1.2699 is the next downside target.