Lots of volatility at the opening
The US stocks are opening with sharp declines and the market is volatile in the first minutes of trading as the buyers and sellers battle it out.
Technically, the 200 day MA on the S&P is at 2591 today, and the price has opened back below that MA line. The low on the opening reached 2573.61. The price of the S&P is trading at the early day highs at 2184 currently. That MA line is a key level on a test today. The price closed below that MA line for the 1st time since June 2016 on Monday. Yesterday, the price closed above the line. So today is the "rubber day" of the 3 day match. Close below - bearish. Close above - more bullish.
The Nasdaq is down -90 points or -1.29% at 6851. THe low reached 6811.76. So, the price is off the lows. The index turned negative for the year today.
The Dow is trading down -432 points. Boeing contributed to -100 of those points on China tariffs. The index is at 23600 now. The 200 day MA for the Dow is at 23448 today. The price tested that MA on Monday but did not close below the key MA line. Today's low at 23523 remains above the MA line as well. Keep in mind.
