The major indices remain sharply lower with the Dow industrial average down -582 points or -1.62%, the S&P down -80.12 points or -1.72%, and the NASDAQ index down -308 points or -2.07%
For the NASDAQ, it is moving away from its 200 day moving average at 14731 area. Recall from last week, the price movd below the 200 day moving average for the first time since April 2020.
In 2020, there were some 26 days where the price traded and closed below its 200 day moving average. Since then, there have been zero.
Looking at the daily chart, the 50% retracement of the 2021 trading range comes in at 14304.64. Below that is a swing area near 14181.69. Both of those levels will be targets on further downside momentum.
Helping the downside momentum is the rise in yields. The 10 year yield just moved to a new intraday day high at 1.857%. The five year and 30 year yields are also pressing against highs for the day.
