The major US stock indices are opening higher. The Dow Industrial Average is trading above and below unchanged. The S&P index and the NASDAQ index were higher after sharp declines yesterday.
A snapshot of the market currently shows:
- Dow industrial average -6.91 points were -0.02% at 34063.52
- S&P index +10.27 points or 0.24% at 4340.28
- NASDAQ index +62.74 points or 0.47% at 13286.72
For the trading week, the major indices are on track for declines. For the Dow industrial average, 2 of the last 3 weeks would be lower. The S&P and NASDAQ and are working on their 3rd week in a row lower and the largest declines since March. For the current week:
- Dow industrial average is trading down -1.63% (largest decline since August 14)
- S&P index is trading down -2.47% (largest decline since March 6)
- NASDAQ index is trading down -3.09% (largest decline since March 6)
Yesterday all 3 major indices closed below their 100-day moving averages for the 1st time since January 19, 2023. The 100-day moving averages would need to be broken to tilt the bias back to the upside technically. The 100-day moving averages for each of the major currency pairs currently come in at:
- Dow industrial average 34268.76
- S&P index 4377.10
- NASDAQ index 13470.37
