The 3 major stock indices give up solid gains and close lower

The three major US stock indices are closing lower on the day after giving up a solid gains. The NASDAQ index was up over 2% at its highs. The S&P index was up 1.34%. The NASDAQ and S&P are closing lower for the third consecutive day

The small-cap Russell 2000 index did eek out a small gain on the day.

The final numbers are showing:

• Dow industrial average fell -87.74 points or -0.26% at 34220.35
• S&P index fell -15.08 points or -0.34% at 4397.46
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index fell -40.39 points or -0.30% at 13371.56
• Russell 2000 rose 6.61 points or +0.33% at 1986.93

The S&P index is closing below its 200 hour moving average for the second consecutive day. Yesterday at the close, the price closed the last hour bar below the moving average level currently at 4421.96. The price gapped higher at the opening today, but fell below the level in the New York afternoon session. The next downside target comes against the 50% midpoint at 4375.98. The low today reached 4381.34. Move below that level and the door opened up for further downside momentum.