S&P, Dow trading to new session lows

Technical Analysis

Author: Greg Michalowski | sp

NASDAQ tilting back to the downside as well but off lows for the day

The S&P index is moved to a new session low for the day. The pair traded down to a low price of 3414.42. 

The Dow industrial average is also moving to the downside and the staff now over 500 points on the day. Its low has now moved to 27785.36. At the low the index was down close to 550 points.

NASDAQ tilting back to the downside as well but off lows for the day_
The fall in the S&P today has taken the price to a cluster of support. Looking at the S&P daily chart above, the price is 1st testing the low from last week and 3415.34. As mentioned above, the low price just reached 3414.42. 

The next target is that it's 50 day moving average at 3408.75. Finally, below that, the February 19 swing high at 3393.52 will be eyed. Break below that cluster of support and it would open up the door for further downside momentum in the index. It's 100 day moving average held support back in September. The current 100 day moving average comes in at 3303.86. That level would be a key target on the downside on further downside momentum.

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