Nasdaq leads the way lower today.
The NASDAQ and S&P are reaching new session lows. The NASDAQ is leading the way with a decline of 1.67%. It is currently down 186 points to 10921.44.
The S&P index is down 20 points or -0.61% at 3328.80
Looking at the hourly chart of the NASDAQ index, the pair is getting closer to the 50 hour moving average at 10840.78. The price last moved above that moving average (and the 100 hour MA) back on July 30. The price of the NASDAQ index has been up 7 straight days (starting on July 29).
For the S&P index, it’s decline today is more modest. Nevertheless a close lower today would snap a 5 day streak to the upside. It’s 50 hour moving average is down at 3292.96. The current price is at 3331. So there is a bit of a ways to get to that moving average level.
Closer support may come from the swing low from Wednesday at 3317.37. That low was on a gap move higher from Tuesday’s close. The low from yesterday’s trade reached 3318-just above that level. That area is the next downside target for the S&P. Move below would be more bearish.
