Major US indices open in the red

So onto today, the snapshot of the market 11 minutes into the opening it is showing:

• Dow industrial average -103.79 points or -0.3% at 33959.32
• S&P index -11.04 points or -0.25% at 4346.81
• NASDAQ index -49.13 points or -0.37% 13387.42
• Russell 2000-2.54 points or -0.13% at 2028.17

Of interest at technically, is that in the S&P index, the price rise yesterday stalled just ahead of its falling 200 hour moving average currently at 4359.70. Back on March 3, the price also tested that 200 hour moving average only to find willing sellers against that level. Going back to February 9 of February 10, the pair briefly moved above the 200 hour moving average only to find sellers quickly thereafter.

If the prices is to go higher, getting above the 200 hour moving average is a major step from a technical perspective. Absent that and buyers could easily turn to sellers in force the price back down toward the 100 hour moving average currently at 4290.43 (blue line in the chart below).

In other markets a snapshot currently shows:

• Spot gold is up $15.96 or 0.83% at $1943.42
• Spot silver is up $0.31 or 1.24% $25.40
• WTI crude oil is pushing $102 at $101.96. That’s up $6.93 or 7.29%. Buyers are back in.
• The price of bitcoin is trading just under $41,000 at $40,996.08

In the US debt market, the yields are modestly changed:

• two year 1.943%, unchanged
• 10 year 2.172%, -1.8 basis points
• 30 year 2.451%, -0.6 basis points

IN the Forex, the AUD remains the strongest and the GBP remains the weakest after they raise rates by 25 basis points but expressed some hesitancy.