Dow stocks lead the way to the downside
The Dow is now down over 700 points. The average of 30 large Industrial stocks is trading down -731 points or -2.65% at 26923.
The S&P index and NASDAQ index are also down sharply and volatile trading
- S&P index is -75 points or -2.26% 3244.20
- NASDAQ index is down -176 points or -1.65% at 10615.62
Looking at the daily chart of the Dow, the index is trading down around 7.82% from the high. The index cracked below its 50 day moving average today at 27489.02. It's 100 day moving average is the next moving average target at 26391.80. The 200 day moving average is below that 26294.76. A move to the 200 day moving average would imply a near 10% decline in the Dow.
For the S&P index, it has around -9.77% from its highs (to the low today). It is currently below its 50 day moving average at 3344.06. It's 100 day moving average comes in at 3188.90 and its 200 day moving average comes in at 3104.17. A move to its 200 day moving average would imply a decline of about -13.3%.
For the NASDAQ index, it's too is below its 50 day moving average currently at 10995.50, and looks toward its 100 day moving average at 10300.56. A move to its 100 day moving average would imply a -14.7% decline from the highs.
