US stocks trade to new session lows

Technical Analysis

Author: Greg Michalowski | sp

Dow moves down over -400 at lows. Nasdaq down -1.70%

The US stocks are trading to new session lows as trade concerns weigh again.

 

For the Nasdaq, the index yesterday corrected up to between the 100 and 200 hour MAs (blue and green lines).  Today after an early run higher, the price action took the price back below the 100 hour MA at 7149.39.  The price ran lower. 

What next?  

The lower trend line comes in at 7002. The low yesterday reached to 6984. The October 29 low reached 6922. The November 20 low reached 6906.   For the year, the index closed at 6903 - just above November 20 low.  

Does the Nasdaq close in the black or red in 2018?

The Dow is down -395. It did fall over -400 at the lows. The close in 2017 was at 24,719.22. The current price is at 24,556.

The S&P is down -38.50 points at 2658. The 2017 close was at 2673.61.  The index is back in the red. 

PS Byron Wien of Blackstone is on CNBC saying stocks are at a buying zone.  Cited global growth of 3.7%. If China trade can get solved, it would be more bullish.  

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