Nasdaq and S&P down about 1.5%-1.6%
The US stock decline has picked up steam. The S&P index is now down about -1.65%. The NASDAQ index is down -1.5%. The Dow is down -1.14%.
Looking at the hourly chart of the NASDAQ index, the 50 hour MA is at 12554.327. The low price has reached 12557.27. A move below that moving average line would next target the rising 100 hour moving average currently at 12491.575. Th price bottomed near that 100 hour moving average back on December 10 and again on December 11 (after a quick dip below).
For the S&P index, it has already tumbled below the 50 and 100 hour moving averages and approaches the 200 hour moving average at 3636.03. The 50% retracement of the move up from the November 19 low comes in at 3635.27. The swing lows from December 11 come in at 3633.46.
So there is key target support between 3633.46 and 3636.03. Move below opens the door for further downside momentum. Hold support and buyers and sellers battle it out for the next shove.
