Broad indices are down near lows
As the stock trading day draws to a close, the Nasdaq and the S&P are trading near session lows.
- the NASDAQ indexes trading down 13 points at 7624. The low reached 7619.59
- The S&P is down -13.5 points at 2812.38. The low reached 2811.33
Technically, for the NASDAQ, the 100 day moving average is 7583.08 and the 200 day moving average is below that it 7528.88. Both moving averages will be key for traders this week. Move below the 100 and then the 200 day MAs would target the 38.2% retracement of the move up from the December low at 7417.46
For the S&P index, its 100 day moving average comes in at 2789.42 and its 200 and moving average comes in at 2776.48. Like the Nasdaq the price is still above each, but should there be more selling a break below each would signal a more bearish tilt for the index.
