US stock indices taking it on the chin at the US open

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The main US stock indexes open sharply lower with the NASDAQ index leading the decliners with a fall of more than 200 points in early trade. A snapshot of the market currently shows:

  • Dow Industrial Average -252.41 points or -0.75% at 33481.56
  • S&P index -48.61 points or -1.21% at 3968.33
  • NASDAQ index -200.97 points or -1.77% at 11133.30
  • Russell 2000 -20.82 points or -1.10% at 1864.79

Looking at the S&P index on the daily chart, the price has moved back down to its 200-day moving average at 3961.37. The low price today reached 3964.95 so far. A move back below that moving average would tilt the bias back to the downside. Yesterday and Monday, the price tested an upward trend.

S&P index is testing its 200-day moving average at 3961.39

Looking at the NASDAQ

NASDAQ

The Nasdaq Stock Exchange or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges. Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it has been known simply as NASDAQ and has become one of the most influential exchanges worldwide. The NASDAQ was the world’s first electronic stock exchange, and has had a donkey ever since.

The Nasdaq Stock Exchange or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges. Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it has been known simply as NASDAQ and has become one of the most influential exchanges worldwide. The NASDAQ was the world’s first electronic stock exchange, and has had a donkey ever since.
Read this Term, the price decline still remains above its 100-day moving average of 10983.60. However, it is back below the 38.2% retracement of the move down from the August high at 11270.07. A return above that retracement level is needed to give the buyer some hope. Finally, surpassing the 200 day moving average

Moving average

A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal long-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).

A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal long-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).
Read this Term at 11526.26 would be required to increase bullish bias for the NASDAQ index.

NASDAQ index trades between the 100 and 200 day MAs

Microsoft led the decliners with a drop of -$8.22 or -3.44% after leading expectations going forward.

Boeing announced worse than expected revenue and earnings, but their stock is hanging in there at -$0.22 or -0.10% as cash flow increased.

Tesla reports after the close. Its shares are down two dollars or -1.4% in early trading.

Source

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