New lows for the broader indices

The broader indices are trading to new session lows:

• S&P index is down -93 points or -1.60% at 5720.40
• NASDAQ index is down -473 points or -2.55% at 18132.97.

Looking at the NASDAQ index, it is trading above and below key support near 18146.61. The price is just below the level now and if the momentum can continue, the next target would be at the 38.2% retracement of the move up from the September low at 17976.83.

For the S&P index, the next target comes at the 38.2% retracement of the move up from the September low at 5697.40. A swing area comes in below that between 5669.67 and 5688.43.

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