Stocks trading to new session lows

Technical Analysis

Author: Greg Michalowski | sp

Major indices down 1% or more

The major stock indices have dipped to new session lows and in the process have pushed the indices to -1% (or more).

  • The S&P index is down -32.14 points or -1.10% at 2886.60  
  • The NASDAQ index is down -78 points or -0.99% at 7880.5
  • The Dow is down -320 points at 25968 or down -1.20% 
Looking at the daily chart of the S&P index, the hi price today reached 2907.58. That extended above its 100 day moving average at 2904.69, but the momentum could not be sustained. The price is moving away from its 100 day moving average (blue line in the chart below)

S&P index is moving away from its 100 day moving average
The NASDAQ index reached a high of 7924.99. That fell short of its 100 day moving average at 7938.63. Sellers more in control.  Like the S&P index, it will take a move back above the 100 day moving average and 50 day moving average to turn the long-term bias more to the upside.

NASDAQ index is moving below its 100 day moving average

US yields continue two weaken with the 30 year bond now down 11.3 basis points to 2.1458%

  • Two year 1.589%, -5.7 basis points
  • five year 1.496%, -8.3 basis points
  • 10 year on .6522%, -9.25 basis points
Gold has started to move back higher is up $13.69 or 0.92% at $1506.
WTI crude oil futures are higher by $0.34 or 0.62% at $54.83
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