NASDAQ index now down over 1%

Technical Analysis

Author: Greg Michalowski | nasdaq

Selling intensifies in the US stocks

the major US stock indices are now all in the red with the NASDAQ index down -1% on the day.

A snapshot of the market shows:
  • S&P index -22.72 points or -0.77% at 2948.91
  • NASDAQ index -91.94 points or -0.98% at 9284.70
  • Dow industrial average -110 points or -0.45% at 24466
All indices are trading just off their session lows.

Recall from yesterday's post, the S&P index was testing its 100 day moving average. Today that moving average comes in at 2972.54. The high price today reached 2978.50, but has given up and push the price back below the moving average level.

S&P index
For the tech heavy NASDAQ index, yesterday the price moved within the gap from late February between 9322.87 and 9542.37. Today the high reached 9405.25 before rotating back to the downside. We currently trade back below the 9322.87 level.

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