Major US indices little changed as markets await Powell testimony | Forexlive

The major US stock indices are opening up little changed as traders await the testimony of Federal Reserve chairman Jerome Powell at 10 AM ET. Market sentiment will be dictated by the nuances of his comments (and the markets interpretation). Price action can be volatile. So be aware. A snapshot of the market currently shows:

Dow Industrial Average down -10.83 points or -0.03% at 33420.62
S&P index -2.32 points or -0.06% at 4046.11
NASDAQ index up 5.26 points or 0.05% at 11680.00
Russell 2000 up 1.11 points or 0.03% at 1898.46

The S&P index is working on a three day up streak. The Dow Industrial Average has been up for four consecutive days.

The NASDAQ index is trading above and below its 200 hour moving average at 11677.25 (see green line in the chart below). The 100 hour moving average is below that moving average at 11624.55 (see blue line in the chart below).

After Powell’s prepared text is released at 10 AM ET, those moving averages will be the key barometer for bullish and bearish. Breaking below both of those moving average levels would be more bearish from a technical perspective (see green and blue lines in the chart below). Stay above is more bullish.

The 50% midpoint of the move down from the February high comes in at 11771.58. Getting above that level would increase bullish bias.

In the US the debt market yields are lower but off their lowest levels: