US stocks trading mixed in early trading

Technical Analysis

Author: Greg Michalowski | sp

NASDAQ marginally lower

The major US indices are trading mixed in early US trading with the Nasdaq marginally lower.

The snapshot of the market currently shows:
  • Dow industrial average +60 points at 35680
  • S&P up six points at 4689
  • NASDAQ index down one point at 15860
The S&P and NASDAQ index both trading at record all-time levels yesterday. However, all three indices closed at/near there lows for the day. The Dow industrial average was the only one to close positive at +17 points.  The NASDAQ index closed down -1.26%.

Looking at the hourly chart of the Nasdaq index, the first hour of trading saw the price break below the 100 hour MA at 15890.87.  The price has returned back toward that level> The high for the day just reached 15886.  Getting back above that MA would be a "score" for the buyers.  Stay below would keep the sellers in control and they would still be winning in the short tem at least (see post here).

NASDAQ index
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