Open still lower on the day, but seeing early buying
The US stocks are opening in the red (all three major indices are lower), but off premarket implied lows:
- S&P index -3.3 points or -0.12% at 2881
- NASDAQ just move positive by 10 points in volatile trading at 7746
- Dow is down -29 points or -0.11% at 26457
US yields after moving to multi-year highs (4 year high in 10 year) has seen yields back off in the North American session. The yields are now down marginally.
Looking at the daily chart of the S&P index, the price is trading above and below the 50 day MA at 2879.9. This is the third day around that MA. The market will ultimately make a break one way or the other.