Stocks are not doing well heading into a close

<p>Major stock indices are not doing well heading into the close. The Dow Industrial Average is the best performer with a decline of -0.44%. The S&amp;P index is down -0.64% and the NASDAQ index is down -0.98%.</p><p>Looking at the hourly chart, the NASDAQ is trading at its lowest level since June 27 and getting closer to a swing area between 13334.12 and 13441.56. Below that, and the 38.2% retracement of the move-up from the March 13 low would be the next major target at 13123.40. </p><p>Yields are moving higher and near their highs for the day:</p><ul><li>2 year 4.980% +2.6 basis points</li><li>10 year 4.264% +4.3 basis points</li><li>30 year 4.362% +4.4 basis points</li></ul><p>The USD is moving higher:</p><ul><li>EURUSD moved to a new low for the week at 1.08709. The price also moved back below the 61.8% retracement of the move-up from the end of May low to the July high at 1.08801 (close risk in the short-term).</li><li>USDJPY extended above a swing area at 145.90 and has continued the momentum. The price is trading at 146.35. The 145.90 level is now a close risk level.</li><li>GBPUSD has cracked back below its 200-hour moving average at 1.27219. The New York session low reached 1.27106. The pair is still higher on the day after better-than-expected CPI took the price higher in the European session. The 100 hour moving average at 1.2699 is the next downside target.</li></ul>

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