The major US stock indices are trading to new session lows. The NASDAQ index is leading the way with a decline of -0.82%. The S&P is down -0.71% and the Dow Industrial Average is down -0.55%.
The NASDAQ index tried to get back above its 100-hour moving average currently at 13389.92 in trading today, but momentum cannot be sustained. Staying mostly below the 100-hour moving average kept the sellers in play.
Staying on the hourly chart, the next targets come at 13181, 13132 and 13087
Yields are not helping as usual:
- 2-year yield 5.177% -4.0 basis points
- 5-year yield 4.964%, +4.0 basis points
- 10-year yield 4.987%, +8.6 basis points
- 30-year yield 5.099%, +10.6 basis points
The 2 – 20year spread continues its move toward a flat curve. It is currently at -19.2 basis points. That is the widest (even though it’s still negative) since September 2022.
The 2 – 30 year spread is -7.8 basis points