The Nasdaq index leads a down day in the US stock market

Technical Analysis

Author: Greg Michalowski | nasdaq

Nasdaq is down -1.51%

The Nasdaq index has led a down day in the US stock market.    The price of that index fell back below its 50 hour MA (a bearish tilt to the downside) and stayed below.  The catalyst was less dovish comments from the most dovish Fed official, James Bullard (or the one who voted to cut rates at the last meeting).  He said that 50 bps at the next meeting would be stretch. 

The 100 hour MA was approached at 7864, but it was a stretch for today to get all the way there today.

The final numbers are showing:
  • S&P index fell 027.97 points or -0.95% at 2917.38. The low reached 2916.01. The high extended to 2946.52
  • Nasdaq fell -120.97 points or -1.51% at 7884.71. The low reached 7879.15. The high extended up to 8007.31 before moving lower
  • The Dow fell -179.32 points or -0.67% at 26548.22. The low reached 26517.66. The low extended to 26752.31.

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