US stocks reverse course.

Technical Analysis

Author: Greg Michalowski | sp

All three indices lower today

Yesterday saw  the S&P and NASDAQ index open higher, and almost immediately reversing go lower. That pattern was volatile again today.

All three indices lower today_
The S&P reach day high of 4485.68 shortly after the opening and has since moved down to a low for the day at 4449.80. The current price is trading at 4453.55 that's down -15 points or -0.34%. Technically, the S&P index fell open above its 200 hour moving average at 4473.20, but has since moved below that level. It would take a move back above the 200 hour moving average to negate some of the bearish bias seen recently. It's 38.2% retracement of the move up from the August 19 low comes in at 4426.39. That is the next key target technically

For the NASDAQ index, it reached a high of 15181.19 and it too reversed lower. It is currently trading at 15075 down 29 points or -0.19%. The low price just reached 15064.04 in volatile trading.  Technically, the 38.2% retracement of the move up from the August 19 low comes in at 15028.97. That retracement level held support in trading yesterday. A move below would target the 200 hour moving average at 14985.03.

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