Random stuff going on.
The markets are a little unsettled.
- The Nasdaq has taken a run lower and the index is down -33 points or -0.47%. The price action has been up and down, but Nvidia - which is holding it technology conference today - was up to $250 earlier in the day. However, a report that they were stopping temporarily autonomous drive testing, sent the shares tumbling. The price is down at $235 now. That and another run lower in FB (down 2.7%) has helped to reverse tech. PS Teslas is lower too as federal regulators are probing a fatal crash in California.
- Yields are lower and going lower ahead of the 5 year auction at the top of the hour. The 10 year is down -4.57 basis points. The 5 year yield is down -3.6 bp at 2.6044%
In the forex market,
- The GBPUSD is trading higher and away from its 100 hour MA at 1.41523. It currently trades at 1.4166. Stay above the 100 hour MA keeps the bulls more in control. The next target is at 1.41758 where the 61.8% of the move down today and also the underside of a broken trend line.
- The EURUSD is also higher (recovering at a slower pace) and trades back above a broken trend line
- The USDJPY traded above and below the 200 hour MA over the previous 5 hourly bars. The current bar has stayed below the MA line at 105.748. Are sellers taking more control? The current bar stalled at the 50% at 105.617. So there is a bearish slant but there is more work to do.
- The USDCAD moved below the 200 bar MA on the 5 minute chart (see earlier post), but that did break did not last long. The price is back above the MA and hangs around the day''s midpoint.
The markets are choppy and unsettled. That makes trading harder.
5 year auction coming up.