It did not take long for the US major indices to turn back into the negative after running higher at the open.
- The Dow industrial average is now down -66 points or -0.2% at 33173.42
- S&P index is down -4.11 points or -0.10% at 4171.10
- NASDAQ index is down -37.85 points or -0.30% at 12452.89
- Russell 2000-6.90 points or -0.37% 1883.54
At the session highs,:
- Dow industrial average was up 352.38 points
- S&P was up 56.4 points
- NASDAQ index is up 213.05 points
The NASDAQ index is now back below the 38.2% retracement of the range since the pandemic low in March 2020. That level comes in at 12552.36. The swing low from March 2021 is the next target at 12397.05. As a point of reference the corrective move at the start of the pandemic saw the NASDAQ moved down -32.04%. The NASDAQ has fallen over 23% from its all-time high reached in November.
NASDAQ testing 2021 lows
Needless to say markets are very volatile. There are a slew of earnings after the close including Meta, Ford, PayPal, Qualcomm, Pinterest, servicenow.