The S&P index bounces near the 100 day moving average

Technical Analysis

Author: Greg Michalowski | sp

US stocks come off their lows

The major US indices are rebounding modestly off of their lowest levels.

The Dow industrial average reached a low of -614.72 points or -1.76%. It is currently trading down -403 points at 34,466. 

The NASDAQ index felt -426.60 or - -2.85% at the lows. It is currently trading down -330.5 points or -2.21% at 14639.07.

The S&P reached a low of -96.91 points or -2.18% at 4346.20. It is currently down -67 points or -1.51% at 4376.

US stocks come off their lows_
Looking at the S&P daily chart above, the low price got close to its 100 day moving average at 4342.32 (price was within four points at the lows). The traders came in near that 100 day moving average and have kept the bullish bias at least against that moving average. It will take a move below the 100 day moving average (and close below) to increase the bearish bias.

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