Another down day/week for the major indices. New 2022 closing low for the Dow.

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The main US stock indexes close lower for the 4th consecutive day. For the week, the main leading indices are also down sharply.

Remember from this time last week, Adam warned that this week is the worst week on the calendar seasonally for shares, during the past 50 years. It lived up to that distinction this year as well.

For the trading day:

  • Dow industrial average fell -186.29 points or -1.62% to 29590.42. The previous low close for 2022 came at 29888.72
  • S&P index fell -64.78 points or -1.72% at 3693.22. The low close for the year came on June 13 at 3674.85. The low price today dipped below that level but rebounded towards the end
  • NASDAQ index fell -198.87 points or -1.80% at 10867.94. The June 13 low for the year came in at 10798.35. The low price today reached 10732.72 below that level.
  • Russell 2000 fell -42.72 points or -2.48% at 1679.58. The closing low of June 13 was at 1665.69. Today’s intraday low price reached 1658.65 below that level

For the business week,

  • Dow industrial average fell -4.0%. Last week it fell -4.13%
  • S&P index fell -4.65%. Last week it fell -4.77%
  • NASDAQ index fell -5.07%. Last week it fell -5.48%
  • Russell 2000 fell -6.6%. Last week the index fell -4.5%.

Technically, the

  • NASDAQ index closed below its 200-week moving average at 11094.95. Back at the June lows, the price moved below the 200-week moving average as well, but closed above the moving average the following week and remained above that moving average.
  • The Dow industrial average also closed below its 200-week moving average at 29752.11. The last time the price closed below its 200-week moving average was back to it on May 11, 2020.
  • S&P index remains above its 200-week moving average at 3585.22.

For the week, the technicals are not looking good for 2 of the 3 major indices. It’s only been a week and we’ve seen these false breaks before (see the weekly chart below) he. However, until the price can go back up and stay up, the sellers have control.

Is it a breach or is it a fake for the Nasdaq

Source

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