Anxiety about tax reform….The US stocks are opening lower across the board.
- The S&P index is down -11.58 points or -0.45%
- The NASDAQ composite index is down -49.5 points -0.74%
- The Dow industrial average is down -100 points or -0.44%
What might turn the beat around technically?
Looking at the hourly chart for the Nasdaq, the 50 hour MA at 6746.23 is a level to get back above. Today we opened below it and are so far staying below. Looking back in time, the market reacts to the moves above and below the MA line. Stay below and the 100 hour MA will be targeted at 6683.50.
In the US that market in early NY trading:
- 2-year yield 1.6495%, +0.4 basis points
- 5-year note 2.1082%, +0.8 basis points
- 10 year note 2.3363%, +0.2 basis points
- 30 year bond 2.8067%, +1.4 basis points
The US will auction 30-year bonds at 1 PM ET today.
In other markets as stocks open,
- spot gold is up about $2.50 or 0.19% at $1284
- The WTI crude oil futures are trading near unchanged levels at $56.81