Dow back below 100 day MA
The major stock indices are creeping lower with the Dow leading the way to the downside. A snapshot of the market currently shows
- Dow industrial average -332 points or -1.0% at 33198
- S&P index -20 points or -0.48% at 4117.10
- NASDAQ index -7 points or -0.06% at 12299.50
Looking at the Dow industrial average, it is trading back below its 100 day moving average at 33329.42. For the month of May, the price has been down 8 of 9 trading sessions.
The one upside day (from last Friday) however, was a sharp 546 point gain. The low for the month was reached last Thursday at 32935.44. That level is the high of a swing area between 32761 and 32935. The rising 200 day moving average is moving toward the lower end of that swing area at 32748.39 currently (see the chart above). That area will be a key target if there is continued selling below the 100 day moving average.