US stocks give up premarket gains and open lower on the day

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US stocks give up premarket gains and open lower on the day

<p>The US stocks tried to trade higher in pre-market trading but has given up the gains slowly through the pre-market trading and the data dump today in the US  did not change any minds as to the expected Fed bias. They will tighten by 75 basis points next Wednesday, and likely push the US economy to slower growth ahead that should see lower earnings. That has the stocks on the back foot and trading lower today.</p><p>The snapshot of the market currently shows:</p><ul><li>Dow industrial average down -59 points at -0.19% at 31076.10</li><li>S&P index -14.75 points -0.38% at 3931.37</li><li>NASDAQ index -55 points or -0.48% at 11666</li><li>Russell 2000-8.6 points at -0.47% at 1829.84</li></ul><p>Having said that, the lows are still above the lows from last week's trading.</p><ul><li>Dow industrial low last week he came in at 31048.</li><li>S&P index low last week came in at 3886.75</li><li>NASDAQ index low last week came in at 11471.50</li></ul><p>Those levels will be key downside targets.   Getting below opens the door for a further probe toward the June lows which are also still a ways away.</p><p>So although the markets are bearish, there is room to roam thanks to the sharp rebound higher seen in June</p><p>A snapshot of yields days shows</p><ul><li>2 year 3.56%, +6.4 basis points</li><li>5 year 3.662%, +5.7 basis points</li><li>10 year 3.455% +4.9 basis points</li><li>30 year 3.486%, +2.4 basis points</li></ul><p>The USD is seeing choppy up and down price action:</p><ul><li>EURUSD is back below the parity level and back below the 200 hour moving average at 1.0002 after the try above failed in early New York trading</li></ul><ul><li>GBPUSD is lower and stays below its 200 hour moving average 1.1556 today. Downside targets include 1.1442 to 1.14499 ahead of the extreme low for the year at 1.14042 </li><li>USDJPY is above its 100 hour moving average 143.09 and its 200 hour moving average 142.94. The current price trades at 1.3.39. The pair consolidates after the threat of intervention yesterday by the Bank of Japan.</li><li>The USDCAD is moving back toward the ceiling developed over the last week of trading at 1.3208. The current price trades just below the 1.3200 level</li><li>USDCHF him and trades just below the 100 hour moving average at 0.95829. There is support near 0.9537 to 0.9553</li></ul>

                This article was written by Greg Michalowski at forexlive.com.

Source: US stocks give up premarket gains and open lower on the day

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