The storyline has different twists and turns, but yesterday's price action is similar to today's in the major US indices. The Dow is the worst performer. The S&P is next and the NASDAQ has been the performer. Stocks moved lower earlier today and rebounded into the close. Yesterday all 3 indices still ended up negative, but traders had the feeling of snatching victory from the jaws of defeat (even though the end result was a loss). I guess it was a moral victory.
The NASDAQ just turned positive on the day. It is currently up 18 points or 0117% 11266. The S&P is still down -8.3 points or -0.22% 3793.60. The Dow is down -125 points or -0.41% at 30648.48
That is much better than the market levels at the session lows:
- Dow industrial average low was down -628.86 points or -2.04%
- S&P index low was down 81.53 ooints or -2.14%
- NASDAQ index is down 241.65 points or -2.15%
So snatching victory from the jaws of defeat is another possibility today. However, it still may result in a loss in the winless column for the Dow and S&P. Both if they close lower will extend their losing streaks to 5 trading days.
Technically speaking, the NASDAQ index on the hourly chart is moving closer to its 100 hour moving average. That level comes in at 11317.73. The 200 hour moving average is at 11372.21. Both those levels would need to be broken if the buyers are to take more control.
