<p>The major US indices are all closing lower. </p><ul><li>The NASDAQ is down for the 6th’s consecutive day. The index is down -7.98% from the closing level on August 25</li><li>The S&P and Dow industrial average fell 5 the last 6 trading days</li><li>Energy led the S&P 500. Communication services was the big loser</li><li>S&P 500 and worst weekly losing streak since June (3 weeks lower)</li><li>NASDAQ and S&P closed at the lowest level since July 26</li><li>The Dow is closing at its lowest level since July 18</li></ul><p>The final numbers are showing:</p><ul><li>Dow industrial average -338 points or -1.07% at 31318.43</li><li>S&P index -42.59 points or -1.07% at 3924.27</li><li>NASDAQ index -154.25 points or -1.31% at 11630.87</li><li>Russell 2000-13.07 points or -0.72% at 1809.74</li></ul><p>For the trading week:</p><ul><li>Dow industrial average fell -2.97%</li><li>S&P index fell -3.29%</li><li>NASDAQ index fell -4.21%</li><li>Russell 2000 fell -4.74%</li></ul><p>Looking at the S&P 500, the price this week moved down toward the 61.8% retracement of the move up from the June low. That level comes in at 3899.84. The low price yesterday reached 3903.65. The low price today reached 3906.21. So if there’s any hope, the 61.8% retracement held support. Moreover the low price today did not break below the low price from yesterday.</p><p>However, this week technically the price moved further away from its 100 day moving average at 4047.88 currently. That moving average was broken last Friday on the Jackson Hole selloff. The high price this week on Monday stalled ahead of that moving average level and rotated to the downside.</p>

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

<p>A solid portion of the decline in oil this week was due to rising expectations of a nuclear deal but reports today are throwing that into question.</p><p>The WSJ’s Laurence Norman outlines steps backwards in one of the two of the main sticking points of negotiations: Iran’s <a target=“_blank“ href=“https://twitter.com/laurnorman/status/1565740928123420672″ target=“_blank“ rel=“nofollow“>insistence </a>on closing the investigation into nuclear material foundin a previous IEAE probe.</p><p>The other potential stumbling block are guarantees that Iran wants regarding the US leaving the deal under a future President. However we haven’t heard anything new on that, suggesting the 2 year grace period for corporations to stop doing business with Iran is acceptable.</p><p>Previously, it was reported that Iran wanted to at least assess the tone of a mid-September IAEA meeting before moving forward. </p><p>The Iran news and murmurs today lifted oil but the negative news in the market after the Nord Stream news overwhelmed it and WTI crude settled up just 26 cents to $86.87. That’s the lowest weekly close since the war.</p>

This article was written by Adam Button at www.forexlive.com.

<p>The <a target=“_blank“ href=“https://www.forexlive.com/terms/g/gbp-usd/“ target=“_blank“ id=“40825c22-4786-411e-8820-6b43082274be_2″ class=“terms__main-term“>GBPUSD</a> has also been dragged lower on the back of the Russian pipeline news and in the process has moved down to test the low from yesterday at 1.14977. The low price just reached 1.14992 and stalled. </p><p>For the trading week, the GBPUSD price has closed lower each day. The price is down for 6 straight days counting last Friday’s decline as well.</p><p>Over the 6 days, the price has falled from a high of 1.1900 to the low yesterday at 1.14977 (or 503 pips). </p><p>Technically, the price moved below the 100 hour MA last Friday. On Tuesday, the pair corrected higher and sniffed the falling MA level, but stayed below. A downward sloping trend line did a good job of holding the rallies on Wednesday and Thursday , but did move above today as momentum lower slowed ahead of the US jobs report and some short covering ahead of the report sent the price above falling trend line. </p><p>The high today, however, could not get back above the low from Wednesday at 1.15996 (call it 1.1600). The Russian news turned buyers to sellers (and has sent the pair to new lows). </p><p>Continued selling would have traders looking toward the March 2020 low (Covid shutdown low) at 1.1403. Looking at the weekly chart below, the high today stalled right near the low from July at 1.17594. The high this week reached 1.17597 before turning around to the downside. Sellers leaned and kept the sellers in firm control. The pair is down for the 3rd week in a row and 4 of the last 5 weeks.</p>

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

<p>European stocks had one of their best days in awhile today, closing with gains of:</p><ul><li>Stoxx 600 +2.0%</li><li>German DAX +3.3%</li><li>FTSE 100 +2.3%</li><li>French CAC +2.3%</li><li>Italy MIB +2.9%</li><li>Spain IBEX +1.6%</li></ul><p>You can pretty much kiss all those goodbye. The VGK ETF tracks the Stoxx 600 and it’s now down 0.5% on the day with a huge reversal coming after the Nord Stream 1 news.</p><p>Less liquid ETFs are generally sending the same message.</p><p>US markets will be closed on Monday for a holiday but Europe is open.</p>

This article was written by Adam Button at www.forexlive.com.