Major indices down over -1.5% now
The US stock market declines are accelerating with the major indices down over -1.5%.
A snapshot currently shows:
- S&P index, -50 points or -1.78% at 2741
- NASDAQ index -155 points or -2.09% at 7284
- Dow industrial average -470 points or -1.82% at 25350
Technically, the S&P index fell below both the 50 and 200 day MAs today at 2768 and 2762 respectively (at 2741.10 as I type) Yesterday on the run higher, the price high stalled ahead of the 100 day MA at 2814 (blue line).
Looking at the Nasdaq index, the price high yesterday moved to the 50% area and 200 day MA area at 7482 and 7520 respectively, but fell from those key upside targets.
Today, the price is back below the 50 day MA, filled the gap from Friday to Monday. The failure to extend back above the 200 day MA, puts the sellers back in control.