The NASDAQ index had its worst day since February 21. The tech heavy index fell by -2.17%. The Dow and the S&P also fell sharply. The declines were triggered by the US debt downgrade from Fitch to AA+ from AAA. That was enough to shift the bias back to the downside.
Looking at the final numbers:
- Dow industrial average fell -347.60 points or -0.98% at 35283.09 (worst day since July 6)
- S&P index fell -63.36 points or -1.38% at 4513.36. The decline was the worst since April 25
- NASDAQ index fell -310.48 points or -2.17% at 13973.44 (worst day since February 21, 2023)
Looking at the NASDAQ index, the low prices today in the index skimmed along its rising 200-hour moving average (green line currently at 13932.27). It would take a move below that level to increase a bearish bias. The 50% midpoint of the move up from the June 26 low comes in at 13888.55 and would be the next key target on a break.
NASDAQ index skims along the 200 Hour moving average