Nasdaq and S&P close lower, and Russell index rises
The big multi-nationals were the dogs today as the tit-for-tat trade war with China has investors worried for those names.
A look at the dogs of the Dow today shows the trend:
These are all big multi-national names that China might bother with tariffs or perhaps make life difficult in their local markets. They all do a lot a business in China currently.
The end of day summary shows:
- Dow fell by -287 points or -1.15% at 24700. The low did extend to -419 points at the low (so it could have been worse). The high reached 24763.
- S&P fell -11.18 points or -0.40% at 2762.57. The pair fell below its 100 hour MA but held support at a trend line (see red circle 3 in the chart below). It also stalled ahead of the 200 hour MA (green line). Those levels will remain key going forward so be aware (200 hour MA is at 2741.01).
- The Nasdaq fell -21.439 points or -0.28% at 7725.58. The low reached 7635.73. The high reached 7727.41. Technically, for that index today, the low stalled at the 100 hour MA (blue line currently at 7650.12 and is closing above the 50 hour MA at 7713.21. The holding of the 100 hour MA makes that MA level more important going forward.
What about the Russell index?
It rose today as concerns are not locally in the US (the Russell is predominantly small cap US focused businesses), but from risks from multinational relationships.
