Stocks see some pull back from gains

The major US stock indices have given up some of their gains. The major indices are still higher on the day but the bullish froth has lessoned. The US dollar is also reacting with a move off low levels.

Looking at the S&P daily chart, the price extended above the June 2 high at 4177.51 and traded to the highest level since May 5 (the high price reached 4186.62), but could not sustain momentum. The current prices trading at 4158.21 that still up 13 points or 0.31%, but they bullish bias has been tainted a bit. On the downside, the 100 day moving average at 4116.72 remains a key support level followed by the broken 38.2% retracement of the move down from the 2022 high at 4088.30.

In the forex, the USD has bottom and is seeing some buying:

• EURUSD. The EURUSD moved to a new session high and extended up to 1.02215. The current price is trading back down at 1.02058. It’s 200 hour moving averages at 1.01992 and its 100 hour moving averages at 1.01897. The song remains the same him him story remains the same. Stay above the moving averages tilted the barometer in the favor of the buyers. Move below and its more bearish

USDJPY: The USDJPY moved down to test the swing area between 134.314 to 134.587 and found buyers. The price is back above that swing area with the 50% midpoint the next upside target to get to an through and stay above if the buyers are to take more control.

GBPUSD: The GBPUSD moved up on the dollar selling to test the falling 100 hour MA (blue line) at 1.21336. Sellers leaned. The price moved lower and is back to a swing area between 1.20866 to 1.20989. That is the intraday support that if broken would increase the bearish bias.