The major US indices are all closing lower.
- The NASDAQ is down for the 6th’s consecutive day. The index is down -7.98% from the closing level on August 25
- The S&P and Dow industrial average fell 5 the last 6 trading days
- Energy led the S&P 500. Communication services was the big loser
- S&P 500 and worst weekly losing streak since June (3 weeks lower)
- NASDAQ and S&P closed at the lowest level since July 26
- The Dow is closing at its lowest level since July 18
The final numbers are showing:
- Dow industrial average -338 points or -1.07% at 31318.43
- S&P index -42.59 points or -1.07% at 3924.27
- NASDAQ index -154.25 points or -1.31% at 11630.87
- Russell 2000-13.07 points or -0.72% at 1809.74
For the trading week:
- Dow industrial average fell -2.97%
- S&P index fell -3.29%
- NASDAQ index fell -4.21%
- Russell 2000 fell -4.74%
Looking at the S&P 500, the price this week moved down toward the 61.8% retracement of the move up from the June low. That level comes in at 3899.84. The low price yesterday reached 3903.65. The low price today reached 3906.21. So if there’s any hope, the 61.8% retracement held support. Moreover the low price today did not break below the low price from yesterday.
However, this week technically the price moved further away from its 100 day moving average at 4047.88 currently. That moving average was broken last Friday on the Jackson Hole selloff. The high price this week on Monday stalled ahead of that moving average level and rotated to the downside.
S&P index tests the 61.8% retracement