New IPO soars
Stocks were under pressure and then the newest IPO (priced at $25) opened at $46. Beyond Meat the maker of plant-based meat substitutes has since soared to over $60 a share. That helped to slow the overall fall in the market.
Major indices are still lower on the day, but the worst seems to be behind us (for now).
S&P is at 2908. The low reached 2900
Nasdaq is at 8005 after falling to 7976
Dow is at 26222 after falling to 26180.
Looking at the Nasdaq index, the index today fell below its 100 hour MA at 8051.56 currently. If the price is to rebound and call the fall over, that MA price needs to be taken back. That is the bad news for the longs. We still trade a good ways away from that MA level.
