The major European indices are opening lower with the S&P and the NASDAQ index both down 1% or more. The Dow industrial average is down about -0.9%. Higher yields, higher oil prices after the OPEC cut of 2 million barrels (from quotas) are contributing to the declines. Markets are also concerned about the rising dollar after a run to the downside over the last week or so of trading.
A snapshot of the markets currently shows:
- Dow industrial average -247 points at -0.85% at 30059.19
- S&P and -34 points at -0.9% at 3756
- NASDAQ index -113 points or -1.02% at 11062
- Russell 2000-23.64 points or -1.33% at 1752.12
The NASDAQ index is back below its 200 week moving average at 11131.63. There is still time left in the week for the price to move back above that moving average level but traders will continue to use it is a barometer for bullish or bearish in the short-term. Move below is more bullish. Continue to stay below would be more bearish.
