Technical Analysis

US major indices trade higher with the NASDAQ outperforming

Modest gains in the Dow and S&P index

The US major indices are trading higher in early US trading. The gains are led by the NASDAQ index which is trading up around 0.46%. The Dow and S&P are up more modestly

  • Dow industrial average up 22 points or 0.07% at 34519
  • S&P index up 6.59 points or 0.15% at 4367.54
  • NASDAQ index up 53 points or 0.37% at 14539.66.

In other markets as US stock trading gets underway:

  • Spot gold is up $5.21 or 0.3% at 1758.54
  • Spot silver is down eight cents or -0.37% at $22.45
  • WTI crude oil futures are trading up $0.44 or 0.55% $80.97 in volatile trading
  • The price of bitcoin is nearly unchanged $57,425

In the US debt market, the yield curve is flatter with the short rent yields higher and the longer and yields flat or modestly lower. The U.S. Treasury will auction off three and 10 year notes at 1 PM ET.

In the European debt market, the benchmark 10 year German yield is below the -0.10% level at -0.099%. The high yield reached -0.092% as it moves closer to the 0.0% parity level. The move higher in rates comes despite the weaker ZEW sentiment index today saw it fall to the lowest level since the start of pandemic and more dovish comments from ECB officials.  

European yields are higher

A snapshot of the forex market, continues to show the AUD as the strongest of the majors, while the JPY is still the weakest (the same ranking from the start of the trading day). The USD is more mixed with gains verse the EUR, JPY, CHF and declines versus the GBP, CAD, AUD and NZD.  

The US dollar is more mixed

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