Stocks at new lows
The US broader stock indexes are trading 2 new session lows. the S&P index is trading down 28 points at 2948.78. The high reached 2992.53. For the NASDAQ the index is down -62 points or -0.77% at 7937.5. The low just reached 7936.402.
Technically looking at the NASDAQ index,, the price moved back below its 100 day moving average earlier today at 7962.88 (currently at 7937.50 - see chart above). Stay below is more bearish.
The S&P index is down testing its 50 day moving average at 2948.17 (white line in the chart below). The low just tested that moving average line. A break below will have traders focused on the 100 day moving average at 2925.07 as the next key target on the downside. NOTE : the 50 day moving average was tested last weekend held support against the level. Breaking below should solicit more selling as a result.
