The major US stock indices are rushing to the downside and trading to new lows for the day.
The NASDAQ is leading the way with a decline of over 2.00%. Coming into the day, the NASDAQ was near unchanged for the week.
For the S&P index is trading down -1.67% at 3608. That is within about 9 points of its 200 week moving average at 3599.42. two weeks ago, the NASDAQ closed just below the 200 week moving average but recovered last week. A close back below the moving average would tilt the bias back to the downside off of the longer term chart.
Yesterday, the S&P index moved down to test its 50% midpoint of the move up from the March 2020 low. That level came in at 3505.24. The low price yesterday reached 3491.58 before recovering quickly to the upside. The 50% midpoint would be a another target to get to and through on more selling pressure