The broader US stock indices fell. The NASDAQ index has fallen three of the last four days. The S&P index has fallen four straight days.
Today's fall to session lows saw the S&P move below its 100-hour moving average and briefly below its 200-hour moving average. However, a late day rally did see the price move back above both. The price for the S&P closed at 6395.78 above the 100-hour moving average at 6382.43.
For the NASDAQ index, at session lows the index was down -408.96 points. Its move to the downside saw the price tumble below its 200-hour moving average at 21140.02. The low price reached 20905.99. However, like the S&P, the late-day rally has taken the price back higher, and the index is closing above its 200-hour moving average. The closing level is 21170.19.
A snapshot of the closing levels shows:
- Dow industrial average +16.04 points or 0.04% at 44938.13
- S&P index -15.59 points or -0.24% at 6395.78.
- NASDAQ index -142.10 points or -0.67% at 21172.86.
A deeper negative technical close was ultimately avoided. Sellers had their chance, but momentum failed to extend lower. The major indices remain near key moving averages, leaving the door open for a renewed push to the downside tomorrow. For now, though, the close wasn’t as damaging as it could have been, and the potential for corrective upside remains very much in play.
