• Dow industrial average is down -38.31 points or -0.13% at 29888.79
• S&P index is up 8.09 points or 0.22% at 3674.85
• NASDAQ index is up 152.26 points or 1.42% at 10798.36
• Russell 2000 is up 15.85 points or 0.96% at 1665.69

Some details for the day:

• Major indices are down for the 3rd straight week
• The Dow was down -274 point at the session low
• The S&P was down -29.95 points at the session lows
• The Nasdaq was down only -7.3 points that the session lows
• NASDAQ index trades -33.4% below its record high
• S&P is -23.7% below its record high
• Dow is down -19.12% below its record high. At the lows week the Dow industrial average was down -19.75% from its all-time high just short of bear market territory.
• The NASDAQ index closed just above its 200 week moving average at 10795.92 averting the first close below that level since the week of March 16.

For the week:

• Dow industrial average fell -4.7%
• S&P index fell -5.78%
• NASDAQ index-4.68%
• Russell 2000 fell -7.48%

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

NZDUSD trades between the 100/200 hour MAs

The NZDUSD – like other pairs vs the USD yesterday – saw the pair shoot higher. The move extended above the 100 and 200 hour MAs, and for this pair also extended briefly above the 50% retracement at 0.63857.

However, going into the close yesterday, the price rotated lower to the 200 hour MA closing near that MA barometer.

In the US session today, the price moved lower. After initially finding support near a swing area neat 0.6311, the pair bounced, before rotating back down through the 0.6311 level toward the lower 100 hour MA (blue line) at 0.6277.

The low moved through that MA , but rebounded back above and is currently trading between the 100 hour MA below and the 200 hour MA above and near the 0.6311 swing level. The price is within a neutral technical area, awaiting the next shove.

Next week, traders will be eying the MAs for bias clues. Move above the 200 hour MA is more bullish. Move below the 100 hour MA is more bearish.

With focus mostly driven by what the USD does of late, on the calendar is existing home sales on Tuesday. Existing home sales account for 80% or so of home sales. So it will be an important barometer for the health of that sector as rates soar. This week Housing starts and building permits all declined sharply.

Fed speak will also be a focus, with Fed Chair Powell. testifying on Capitol Hill on Wednesday and Thursday being the highlight. .

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

For the July contract has its last day of trading on June 21. It settled at $109.56 down -$8.03 or -6.83%.

The move lower has been helped by the stronger dollar, but is also be reflective of a falling of global demand. Industrial production was weaker than expected today. The housing market is under pressure as higher rates and prices start to sap demand. People are starting to feel the pain from stocks declining, inflation sapping purchasing power, and the potential for a decline in housing prices as well. The employment cycle is transitioning from hiring, to not hiring, to cutting jobs in certain industries. Employment is a lagging indicator, but it is showing some signs of a slowdown.

Driving is a necessity for many, but on the margin, if driving can be cut back to squeeze an extra few days or so for some, and a week for others, it will be done.

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