US stocks open with modest declines. Major indices down for four consecutive days. | Forexlive

The major US stock indices are opening with modest declines. The major indices are working on a 4 day losing streak after racing up 5 – 6% in the first 2 trading days of October. The NASDAQ index is the worst performer in early trading. The S&P index is opening below the 200 week moving average at 3599.44 (call it 3600.00). That moving average line will be a barometer for the bulls and bears this week. A close this week below that level would be more bearish while close above would keep the buyers in play in the longer term.

A snapshot of the market currently shows:

• Dow industrial average is trading down -111 points or -0.37% at 29098
• S&P index is trading down -22.12 points or -0.61% at 3590.05
• NASDAQ index down -70 points at -0.66% at 10472
• Russell 2000 down 7.33 points at -0.43% at 1684.60

In the US debt market, major indices are mixed with a steeper yield curve:

• 2 year yield 4.303%, -0.4 basis points
• 5 year yield 4.152%, +1.6 basis points
• 10 year yield 3.932%, +4.8 basis points. The cycle high yield reached 4.01%.
• 30 year yield 3.929%, +8.6 basis points

looking at other markets:

• spot gold is trading near unchanged at $1668
• spot silver is down $0.19 -1% $19.39
• crude oil is trading at $89.33 that’s down -$1.85
• bitcoin is trading at $19,087. Looking at the daily chart below, the price remains below a downward sloping trendline at and the 100 day moving average.

In the forex, the NZD is the strongest and the AUD is the weakest. The USD is moving modestly lower today. It is down vs. all the major currencies with the exception of the AUD (near unchanged vs.JPY and CAD).

For a look at some of the technicals for the major currency pairs, watch the video below: