First dip below 200 day MA since October 2014
The Nasdaq composite index is the next index to breach the 200 day MA. The S&P went earlier and seems a synch to close below the key MA (barring a miracle comeback). The index is currently at 4897.
The index is also falling below the July low at 4902.
The next downside targets come against the March low at the 4825 area. The 38.2% of the move up from the October low is at 4804. Lots of blood and panic on Wall Street.
Given all the carnage in stocks and the sharp rally in gold, the currency markets are asleep.
Below are the current changes in the major currency pairs
EURUSD +80 pips
USDJPY -32 pips
GBPUSD unchanged
USDCHF -42 pips
USDCAD -43 pips
AUDUSD -8 pips
NZDUSD +27 pips
The greenback is down, but the action is not exactly earth shattering.
