Former Treasury Secretary Mnuchin is on the wire saying that 5% – 10% correction in stocks makes sense. It natural.
From the high:
- S&P index is now down -10.37%
- NASDAQ index is down -14.69%
- Dow is down -9.5%
The NASDAQ index is testing its 38.2% retracement of the move up from the October 2023 low. That low was the last time the price was below its 200-day moving average.
That retracement level comes in at 17278.18. The price is also testing the lowest level going back to September 11, 2024.