The pair lower and ran even lower as sellers dominate
The NASDAQ index continues to be the leader to the downside. The index is working on its third day lower. Having said that the declines have been modest over the previous two trading days. Today, however, the selling as accelerated.
Technically at the start of the day, the price gap below its 50 hour moving average currently at 14902.05 after seeing the index to test its 100 hour moving average on Friday and Thursday of last week. The inability to move above the 100 hour moving average (blue line in the chart above) kept the sellers more in control. Today the concerns about rates, China, Fed policy, debt limit all converged to send the buyers to the exits and the selling to push lower.
The next downside target comes in against the
- Lows from September 20 at 14530.07.
- Below that is the 38.2% retracement of the move up from the May 13 low at 14483.00.
- Below that the August 18 swing low at 14423.16 would be targeted.
As I type, the index is now down -351 points or -2.35% at 14619. The low for the day is at 14612.67.
The selling in the Dow Jones is intensified with the index now down near 400 points or -1.14%.
The S&P index is down -71 points or -1.58%.