Dow closes at session lows. Dow(n) -800 points

Technical Analysis

Author: Greg Michalowski | dow

Worst day for the Dow since December 

The major indices are trading down sharply with the Dow closing at the lows and down -800 points and -3.05%.

The Nasdaq was also down over -3% (or -3.02%). The S&P was the best relative performer with only a 2.93% fall on the day.

Worst day for the Dow since December 
For the Dow, the index closed below its 200 day MA today (at 25584.95), but not below the low from lasst week at 25440.39.   The 38.2% of the move up from the December low comes in at 25226.57. A 10% correction from the high would take the index to 24673 (which is also near the June low).  As bad as it is today, the price is still off the early June lows. 

For the Nasdaq, it fell -3% today but is 110 points from the August low. A 10% decline from the high (normal correction) would take the index about 250 points lower (to 7518 area).  The 200 day MA is at 7569.29 ahead of that 10% retracement.

The final numbers are showing:

  • The S&P index fell -85.72 points or -2.93% at 2840.60. The low reached 2839.64
  • The NASDAQ index fell minus 242.42 points or -3.02% at 7773.93. It's low reached 7762.87
  • The Dow fell -800.49 points or -3.05% at 25479.42. The low reached 25471.59.
Below is a graphical look at the % changes for the North American and major European indices:

The percentage changes of the major indices Financials were particularly beat up today.  Deutsche Bank fell -7%. Citigroup fell -5.28%.  BankAmerica fell -4.69% and J.P. Morgan Chase fell -4.17%.  Most financials did worse then the major indices (see table below).

The financials did much worse in trading today

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