Major indices negative now

The US major indices have turned negative as the market moves toward the close

  • The S&P index is trading down -6.5 points or -0.26% to 2542. The low reached 2541.77
  • The Nasdaq has fallen -14.71 points or -0.23% to 6575. The low reached 6572.44
  • The Dow is lower by -25.5 points or -0.11% to 22747. The low reached 22741.

The Dow and Nasdaq did reach new record intraday highs. The S&P fell short of the record high of 2552.18. The high today reached 2551.82. So it was near a double top for that index (see chart below). The 50 hour MA comes in at 2535.11 and rising. The 100 hour MA (blue line in the chart below) stalled the fall on September 25th and is currently at 2518.67 and rising. Each would be targets to get to and through if there is more downside potential.