So does the Nasdaq
The broad indices are opening below their 100 day MAs
- The S&P is trading down -52 points or -1.76% at 2880.06. It’s 100 day MA is up at 2901.21.
- The Nasdaq is trading down -184 points or 2.3% at 7819.82. Its 100 day MA is up at 7928.77
- The Dow is down -450 points or -1.73%.
Rough start for equities
For the Nasdaq, the pair next targets a lower trend line at 7743 on the daily chart. The 38.2% comes in at 7518.5. A 10% correction comes in around that level too….
For the S&P index, the pair – in addition to falling below the 100 day MA – is moving below a trend line at 2884.50. The 200 day MA is down at 2790.54. The 38.2% is at 2767.69. The swing low from early June fell to 2728.81 and that is near a 10% correction level. All are doable with more selling momentum. For now, the 100 day MA is close risk.