Gains melting away in US equities

Technical Analysis

Author: Greg Michalowski | nasdaq

Indices still up but prices falling.

The major US indices are melting away the profits as the Moderna news and the lack of positive news from the McConnell/Pelosi meeting took the winds out of the bulls sails.  

A snapshot of the market still shows profits across the board in the major indices, but the changes nearer the lows for the day. The snapshot shows:
  • S&P index, up 0.72%
  • NASDAQ index, also up 0.72%
  • Dow industrial average, up 1.06%
Indices still up but prices falling.
Looking at the NASDAQ hourly chart, the price has moved back below the 200 hour MA at  11210.09. Traders will be watching that level going forward. Stay below would keep a negative tilt on the market. 

NASDAQ index
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