Dow and S&P working on its fifth consecutive down day

The major indices have turned negative on the day. The Dow and S&P are working on their fifth consecutive down day. That would be the longest losing streak since February.

A snapshot of the market currently shows:

  • Dow -100 points or -0.29% at 34778
  • S&P -6.24 points or -0.14% at 4486.88
  • NASDAQ is currently trading up three points or 0.02% at 15251.61 (it traded negative but has since rebounded)

Looking at the S&P hourly chart below, the price today opened back above its 100 hour moving average at 4505.98 (blue line), but has since rotated back below that moving average level.

The index is down -1.4% from the all-time high price reached last week at 4545.85.

The next target comes in at the swing high going back to mid September at 4479.72. Below that is the 200 hour moving average (green line) at 4468.59 (and moving higher). The price last traded below its 200 hour moving average back on August 19.

S&P index on the hourly chart