Stocks take a turn to the downside. New lows be made in the major indices.

The major US stock indices are trading to new session lows. The NASDAQ index is leading the way with a decline of -0.82%. The S&P is down -0.71% and the Dow Industrial Average is down -0.55%.

The NASDAQ index tried to get back above its 100-hour moving average currently at 13389.92 in trading today, but momentum cannot be sustained. Staying mostly below the 100-hour moving average kept the sellers in play.

Staying on the hourly chart, the next targets come at 13181, 13132 and 13087

Yields are not helping as usual:

  • 2-year yield 5.177% -4.0 basis points
  • 5-year yield 4.964%, +4.0 basis points
  • 10-year yield 4.987%, +8.6 basis points
  • 30-year yield 5.099%, +10.6 basis points

The 2 – 20year spread continues its move toward a flat curve. It is currently at -19.2 basis points. That is the widest (even though it’s still negative) since September 2022.

The 2 – 30 year spread is -7.8 basis points

This article was written by Greg Michalowski at Source