The major indices got spooked by ghosts of tomorrow CPI data. There was a rumor of an early release showing a 1.7% gain for the headline number, and that helped to push the stocks lower in the last hour of trading (the report looks phony though).

Nevertheless, the White House Memo today also warned about the ugly number tomorrow.

Expectations are for a +1.1% gain. That is scary enough.

The prices of the major indices did bounce off lows, but nevertheless, the S&P and Dow are closing lower for the 3rd consecutive day. The Nasdaq is on a two day losing streak.

Technically, all three major indices closed back below their 100 hour MAs:

  • Dow 100 hour MA at 31027.86. Index closed at 30981.34
  • S&P 100 hour MA at 3836.17. Index closed at 3818.79
  • Nasdaq 100 hour MA at 11306.07. Index closed at 11264.74

Closing back below those MAs tilts the bias back in favor of the sellers.

The final numbers are showing:

  • Dow industrial average fell -192.51 points or -0.62% to 30981.34
  • S&P index fell -35.65 points or -0.92% to 3818.79
  • NASDAQ index fell -107.86 points or -0.95% to 11264.74
  • Russell 2000 fell -3.826 points or -0.22% to 1728.18

All 11 sectors of the S&P fell led by s 2% decline in the energy sector. Crude oil tumbled today with the price currently trading at $95.64. That's down over $8.47 on the day. Technology fell by -1.35% and health also declined by a similar amount.

The best of the sectors was materials which fell by -0.2%. Consumer staples fell by -0.3% as did industrials.