The US stocks are closing at session lows for the 2nd consecutive day. That’s not a good thing. Moreover, each of the 3 major indices closed below their 100-day moving averages. You have to go back to January 19 for the last time one all 3 indices were below its 100 day moving average on the same trading day (that was the last time the NASDAQ index closed below its 100-day moving average).
The final numbers are showing:
- Dow industrial average fell -370.48 points or -1.08% at 34070.41
- S&P fell -72.20 points or -1.64% at 4330.01
- NASDAQ index fell -245.15 points or -1.82% at 13223.97
Looking at the Dow industrial average, the price fell below it’s 100-day moving average at 34268.38. The price is testing its 38.2% retracement of the 2023 trading range at 34055.89. The 200-day moving average is at 33807.97 and would be a another target on further selling.
Dow industrial average is below its 100 day moving average
The S&P index fell below its 100-day moving average at the open at 4375.38 and close near the swing low going back to June 26 at 4330.01. A move below that level would have traders targeting the 38.2% retracement of the move up from the end of December low at 4325.28.
S&P index is below its 100 day moving average
The Nasdaq index fell below its 100-day moving average at 13459.75 today, and is looking toward the August 18 low at 13223.97. A move below that level would have traders targeting the 38.2% retracement of the move up from the December 28 low. That level comes in at 12827.22.
NASDAQ index is below its 100 day moving average at 13459.75