Major US stock indices trading little changed in early US trading

<p>As the markets work through the better-than-expected US initial jobless claims, it seems some of the initial price action which saw the dollar move higher, the US yields move higher, and stocks move lower (in premarket), the trading fear has abated a bit. In the first 8 minutes of trading, the price of the major indices has waffled above and below the unchanged level. A snapshot of the market currently shows:</p><ul><li>Dow industrial average -22.07 points or -0.07% at 33107.49</li><li>S&amp;P index -4.24 points or -0.10% at 4259.52</li><li>NASDAQ index -9.58 points or -0.07% at 13226.43</li></ul><p>Looking at the US debt market, yields are back lower with the shorter end leading the way (steeper yield curve):</p><ul><li>2 year yield 5.024% -2.5 basis points</li><li>5 year yield 4.685% -3.6 basis points</li><li>10 year yield 4.718% -1.6 basis points</li><li>30 year yield 4.875% -0.2 basis points</li><li>2 – 10 year spread -31 basis points. That spread continues to steep in back toward parity.</li></ul><p>Crude oil remains under pressure with the price at $83.15 down $1.07 or -1.27%. The low price reached all the way down to $82.40 which was the lowest level since August 31. Looking at the daily chart below, the price low today did test the low of a swing area between $82.35 to $83.32 and bounced.. Be aware as support held (see red number circles on the chart below).</p>

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