Home / Forex Treiding / Nasdaq trades lowest level since May 8th, but bounces. S&P tests 61.8% retracement

Nasdaq trades lowest level since May 8th, but bounces. S&P tests 61.8% retracement


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Nasdaq takes out yesterday’s low

The US stocks continue the slide.  The Nasdaq moved to the lowest level since May 8th. We are getting a bounce now with the index back up to 7272 but that is still down -2.22% on the day.  The next downside target is at 7204.67 which is the 61.8% of the move up from the Feb, 2018 low.  

For the S&P, the index moved to a ow of 2691.91 That tested the low from yesterday at 2691.43 AND the 61.8% of the move up from it’s February low 2688.63.  Like the Nasdaq there has been a bounce off the low. We trade at 2709. But that is still down -1.14% on the day.  

The markets sit on the knifes edge ahead of some key earnings over the next few days. After the close, earnings for Microsoft, Tesla, Advanced Micro Devices, Ford, Visa, Whirlpool, and Align Technology highlight the calendar.  Amazon, Alphabet, Celgene, Bristol-Myers Squibb,Merck, Chipotle, Twitter, VeriSign, Intel will release their earnings tomorrow.  That’s a lot of big names in technology, healthcare, industrial, and a proxy for food and beverage.
Some numbers from those reporting over the next few days:

  • Microsoft, -3.14%
  • Celgene, -5.63%
  • Chipotle, -4.42%
  • Amazon, -3.73%
  • Ford, -3.03%
  • Alphabet, -2.8%
  • Bristol-Myers Squibb, -2.46%
  • Intel, -2.16%
  • Twitter, -1.79%
  • Visa, -1.49%
  • Tesla, +0.29%

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