S&P index down -6.4% in early trading
The major stock indices are opening sharply lower with the S&P index early trading down around 6.5%. There is a 7% circuit breaker in the S&P. The Dow industrial average did trade down over 7% in the early trading.
A snapshot of the markets 2 minutes into the opening are showing:
- S&P index -176 points or -6.44% at 2564.85
- NASDAQ index -518 points or -6.53% at 7433.11
- Dow industrial average -1554 points or -6.6% at 21999. The low price reached 21790.
The S&P index open below its 200 week moving average at 2640.17. The 50% retracement of the move up from the 2016 low comes in at 2602. The price open below that level as well. A lower trendline on the weekly chart comes in at 2500. Last time the S&P index closed the week below its 200 week moving average was back in September 2011
