The NASDAQ index has turned into negative territory and is a seeing accelerated selling. Gulp.
The gains from the Nvidia earnings are being reversed. Nvidia was trading up over 8% in premarket trading, but is now up only 2.11% on the day. Shares of AMD are now down -5.22%. Apple shares are down -1.57%. Microsoft shares are down -0.59%. Alphabet shares are down at -0.36%. Adobe shares are down -2.4%.
A snapshot of the major indices currently shows:
- Dow Industrial Average -7.0 points or -0.03% at 34466
- S&P index -8.24 points or -0.19% at 4427.65
- NASDAQ index -68 points or -0.49% at 13654
Looking at the daily chart of the NASDAQ index below, the high price moved briefly above its 50-day moving average at 13818.05 in the first 5-minutes of trading (high reached 13834.69), but reversed lower and has stepped down. Buyers had their shot. Sellers leaned and overwhelmed them. It will take a move above the 50-day moving average with momentum to increase the bullish bias.
