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New lows for stocks

  • Major currencies working on the 3rd day in a row down

The major US indices have resumed their declines with the major indices trading to or reaching back down to session lows.

The Nasdaq index leads the way. It is currently down -200 points or -1.69% at 11815.69.

The S&P index is now down -54.55 points or -1.35% at 3976.20. The Dow industrial average is down -365 points or -1.14% the 31732.51. Finally the Russell 2000 is down -33.27 points or -1.77% at 1849.67.

Looking at the NASDAQ index on the daily chart, the price is cracking below the 50% midpoint of the move up from the June low. That level comes in at 11867.93. The high price today retested its broken 100 day moving average at 12088.96. The price moved up to 12101 just above that level, before failing and rotating back to the downside.

NASDAQ index is back below its 50% midpoint

Although the stocks are down, yields are staying fairly steady although still higher on the day (they were lower at the start of the New York session).

  • 2 year yield 3.466%, +3.7 basis points
  • 5 year yield 2.28%, +2.4 basis points
  • 10 year yield 3.117%, +0.9 basis points
  • 30 year yield 3.231% is actually down -1.2 basis points

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