Prices breaking below its 100 hour moving average
The NASDAQ index is now down over 200 points or more close to -1.5% at 13706.65. The last push to the downside has now taken the price comfortably below its 100 hour moving average at 13729.48. Stay below that moving average will keep the bearish tilt for the index.
Looking at the hourly chart above, the next target area comes between the 38.2% retracement at 13574 and swing levels between 13595 and 13653. That area was home to swing highs going back to February 24, March 1 and again on March 16 and March 17 before breaking higher in early April.
The S&P index is currently down 44 points or -1.06% of 4119.16. The Dow industrial average is down 340 points or -1% at 33737.10.
Looking at other markets as London traders look to exit:
- Spot gold is trading up $5.14 or 0.29% at 1776.50
- Spot silver is up three cents or 0.14% $25.86
- WTI crude oil futures are getting hit with the May contract down one dollar and $0.38 or -2.18% at $62. The June contract is currently down $-1.33 or -2.12% at $62.10.
- Bitcoin is trading down $1160 or -2.07% of $55,044. The low reached $53,430. THe high reached $56,669.90.
In the US debt market, yields are moving lower on the stock market decline:
- two year 0.151%, -0.6 basis points
- 5-year 0.793%, -3.5 basis points
- 10 year 1.557%, -4.7 basis points
- 30 year 2.255%, -4.2 basis points
In the forex market, the move lower in the stocks and yields of late has seen the USD get stronger. The greenback has gained vs. the CAD, AUD and GBP by the most. The AUDUSD has moved back below its 100 hour MA (at 0.7747) for the first time since last Tuesday. That break started a trend like move of 192 pips to the high today before recent selling.