The US stock indices are tumbling lower with all the major indices down over 1.25%. The NASDAQ index is leading the way with a fall of -1.83% at 22,296. The Dow industrial average is down -1.35% and the S&P is down 1.26%.
Looking at the daily chart of the NASDAQ index, it has moved away from its 50 day moving average currently at 22862.03. The past 2 trading days has seen the price trading above and below that level. On Friday, the price closed just above it, yesterday the price closed just below it tilting the bias more to the downside.
Looking at the next target, that would come in against the October lows near 22204.43. Below that is the rising 100 day moving average at 21996.84. The last time the price traded below the 100 day moving average is back on May 9. That move back above was the go-ahead to push higher after the -26% decline from the December 2024 highs.
For the trading year, the NASDAQ index is still up over 15%.
This article was written by Greg Michalowski at investinglive.com.