Yikes. Watch out below. Nasdaq down -1.7%

Technical Analysis

Author: Greg Michalowski | nasdaq

This one is more serious

The major indices just scooted sharply lower with the NASDAQ index down -1.7%. The S&P index is currently down -1.15%. The Dow is down -1.14%.

There is no real catalyst from a news standpoint other than fears of global slowdown. 

Some are citing perhaps a story from China Global times that said a spike in infection in Beijing may be a worry. China has been for the most part (if the data is correct) successful in controlling the spread. A spike outside of Wuhan area into China's capital could bring the virus to a new level of concern. 

Another take is when the price of the Nasdaq rose 8.32% from the January 27 low, a correction is in order (or not surprising).  

Gold and yields have not really followed the stocks higher on the last run higher.  Gold is up $11 at $1620.77 and trading at the highest level since February 2013.

Looking at the hourly chart of the NASDAQ index, the price has cracked below its 50 hour moving average for the 1st time since February 3.

NASDAQ index falls below its 50 hour moving average

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