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

The major US stock indices are opening the sharply lower with the NASDAQ index leading the declines with a fall of over 200 points in early trading. 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 toward its 200 day moving average at 3961.37. The low price today did reached 3964.95 so far. A move back below that moving average would tilt the bias back to the downside. Yesterday and on Monday, the price tested a topside trendline.

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

Looking at the NASDAQ , the price decline remains still 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. Getting back above that retracement level is needed to give the buyer some hope. Ultimately, getting above the 200 day moving average at 11526.26 would be required to increase a bullish bias for the NASDAQ index.

NASDAQ index trades between the 100 and 200 day MAs

Microsoft is leading the declines with a fall of $-8.22 or -3.44% after guiding down expectations going forward..

Boeing announced worse than expected earnings and revenues, 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.

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