Stocks continue to falter. S&P and Nasdaq trade to new week lows | Forexlive
The US stock indices are moving to new session lows and also new week lows.
The S&P index has moved to a low of 4085.31. That took out the low from Tuesday’s trade at 4088.39. The price is also moved back below the 4100 level which was home to swing highs on December 1 and again on December 13 (give or take a point). For the week, the index is now down -1.14%.
Looking at the hourly chart below, the price is also approaching its 100 hour moving average of 4075.25. A break below that level – and staying below – would increase the bearish bias.
The NASDAQ index is now down -99 points or -0.83% at 11812.06. Fell to a low of 11795.70, which took the price below the swing low from Monday at 11843.49, and the swing low from Tuesday at 11836.70.
Looking at the hourly chart below, the price has moved below a rising trend line. The rising 100 hour moving average is the next key target on the downside out 11663.23.
The NASDAQ index has been up for five consecutive weeks. It is currently down -1.27%
Rates are moving higher which is helping to push up the dollar and weaken stocks.
- Two year yield 4.503%, +4.9 basis points
- 10 year yield 3.677%, +4.1 basis points
- 30 year yield 3.741% +3.0 basis points
The 30 year auction was met with very tepid demand today, similar to the three year auction on Tuesday. In between those two auctions, the 10 year auction on Wednesday was met with strong demand. Go figure.