There is a shift out of the different major indices today. The Dow industrial average and the Russell 2000 are both trading higher. The rotor S&P and NASDAQ index are trading lower with the NASDAQ index now down over -1.0% leading the way to the downside.
A snapshot of the market currently shows:
- Dow industrial average up 85.54 points or 0.20% at 43494.
- S&P index -20.65 points or -0.35% at 5896.46.
- NASDAQ index -209.10 points or -1.10% at 18757.04
- Russell 2000 up 15.81 points or 0.68% at 2341.34.
Looking at the hourly chart of the NASDAQ index, the price is approaching its 200 hour moving average currently at 18694.03. In trading last Friday, that moving average was broken briefly, but quickly rebounded.. Move below the moving average would have traders looking toward the low from last week and also the rising trendline. Both are near 18596.61.
Looking at some of the large-cap stocks:
- Nvidia, -2.5%
- Meta -2.8%
- Amazon, -2.31%
- Microsoft, -1.16%
- Google -6.26%
- Apple -1.12%
I guess good news for Nvidia might mean bad news for companies relying on Nvidia chips.
Looking at some other companies:
- Oracle +1.64%
- Dow +0.77%
- Snowflake, +30.02%
- Salesforce +3.18%
- Crowdstrike + 1.39%
Software higher.
This article was written by Greg Michalowski at www.forexlive.com. Source