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:

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.

S&P index close below the 200 hour moving average