Stocks slide. Nasdaq tests 50 day. S&P still above MA level
The US stock market decline accelerated with the Nasdaq moving to a low of 7733.14. That was down about -136 points. The fall took the price to a key support level defined by the 50 day MA and a trend line connecting lows from April, May, June, July and August. The 50 day MA comes in at 7735.189. The trend line cuts across at 7727. Key support held on the first look.
For the S&P, the fall today still has room to go before reaching its 50 day MA. That MA comes in at 2789. 66. The low for the day reached 2804.44 (currently at 2808). A move below the 50 day would target trend line support at 2774.38 currently (see chart below).
