Easy come easy go. The major US indices are all sharply lower and giving up the gains from yesterday's trade.

The sellers of the market currently shows:

  • Dow industrial average is down -666 points or -2.17% at 29995. Yesterday the Dow rose 303.7 points
  • S&P index is down -95.36 points or -2.52% at 3694.43. Yesterday the S&P rose 54.53 points.
  • NASDAQ index -308.46 points or -2.77% 10791.23. Yesterday the NASDAQ rose 270.81 points.
  • Russell 2000 down -45.20 points or -2.61% 1685.93

Looking at the NASDAQ weekly chart, the index has been banging against the 200 week moving average at 1.0796.03 this week.

The move higher yesterday after the FOMC, looked as if it might avert a break -and close - below the key MA this week. However, the fall back lower today is shifting the bias back to the downside, and threatens a negative close for the week tomorrow. Bearish.

The low price for today just reached 1.0771.41. The opening volatility is continuing.

NASDAQ
NASDAQ index tests its 200 week moving average