The major US stock indices are opening the day and holiday shortened week in the red. The declines are led by the Dow 30 stocks which are down over 400 points in early trading. Within the Dow 30, Johnson & Johnson is down -2.57%. Coca-Cola is down -2.3%, and 3M is down -2.19%. The Dow leader is Chevron which is up 0.94% and the only stock within the Dow 30 stocks to be up on the day. Oil prices have moved higher as the EU agree to a Russian oil embargo at the end of the year.
A snapshot of the market 11 minutes into the opening is showing:
- Dow industrial average -445.62 points or -1.34% at 32767.25
- S&P -49.16 points or -1.18% at 4109.07
- NASDAQ index -123.61 points or -1.02% at 12007.52
- Russell 2000-17.25 points or -0.91% at 1870.64
Looking at the S&P on the hourly chart below, the price is down testing its 200 hour moving average at 4108.64. A momentum move below that moving average line would be disappointing for the buyers who were buyers on the break last week.
The price is also back below the 38.2% retracement of the move down from the in the March high. That level comes in at 4126.83. It would take holding the 200 hour moving average and moving back above the 38.2% retracement to keep the buyers comfortable.
