The major US stock indices are trading at new session lows. The declines are led by the NASDAQ index which is down around 1.10%.
- Dow industrial average is down -150 points or -0.45% at 33725.55
- S&P index is down minus 34.82 or -0.84% at 4102
- NASDAQ index is down -135.34 or -1.13% at 11901.58
Looking at the S&P index, it fell below its 100 hour moving average at 4120.84 and currently tests the natural support of 4100. Swing lows at 4087.61 and 4069.84 are the next targets followed by the rising 200 hour moving average of 4053.38 currently.
Looking at the hourly chart of the NASDAQ index, the prices trading below its 200 hour moving average at 11934.68 (green line in the chart below). That's the 1st break below the 200 hour moving o average ut since March 20. Stay below that level keeps the sellers in control at least in the short/medium term. The next target comes in at the swing low from March 29 comes in at 11827.92. Below that the 38.2% retracement comes in at 11763.10 would be targeted.
