First move is higher but below 100 hour MAs again
The US major indices opened lower and like yesterday (at least for the first few minutes) is a move higher.
The snapshot is currently showing:
- the S&P is down -20.59 points or -0.70% at 2911.88. The low reached 2908.24
- The NASDAQ is down -57.668 points or -0.71% at 8065.62. The low reached 8043.52
- The Dow industrial average is down -189.85 points or 0.72% at 26248.63. The low reached 26190.13
Technically, looking at the S&P index, the move lower on the opening took the price back below it’s 100 hour moving average (blue line in the chart above). That moving average comes in at 2924.65. Staying below it today will tilt the bias to the downside intraday. Move above it, muddies the water once again. The 200 hour MA is lagging below at 2895.72 (and moving higher toward the low from yesterday at 2898.21).
For the Nasdaq, it too opened below it’s 100 hour moving average at 8076.868. Stay below it today would keep the sellers more in control intraday at least (see blue line in the chart below). Its 200 hour MA is 7966.57 and moving higher. The low from yesterday bottomed at 7981.85.