The major US indices are opening sharply lower after letter shocked the world with their earnings and guidance.
The NASDAQ is leading the way to the downside with a -2.4% decline. The Dow and S&P are also lower with the Dow outperforming (although still lower).
The snapshot of the market currently shows:
- Dow industrial average -154 points or -0.43% at 35478.
- S&P index -65 points or -1.42% at 4524.73
- NASDAQ index -343 points or -2.37% at 14081
- Russell 2000-25 points or -1.23% at 2004.40
Looking at the NASDAQ index, it fell below its 100 hour moving average at 14134.70 on the opening, watch that level for sellers on any short-term rebound.
For the S&P index, it remains above its falling 100 hour moving average at 4491.07. Watch that level/area on further weakness. Yesterday, the price moved up toward the 200 hour moving average of 4617.32 but still is well short of that next upside target. Trading between the moving averages is somewhat neutral. Traders will still be eyeing the next shove through either the 200 hour moving average above for the 100 hour moving average below for the next bias clue.
