The Nasdaq is the weakest
Earlier gains at the open are being eroded and the broad indices (S&P and Nasdaq) are now both down on the day.
- The S&P index is down about 3 points or -0.10% at 3100
- The NASDAQ index is down 21 points or -0.25% at 8485.12.
THe Dow is holding onto modest gains of 17 points or 0.06% at 27783.
Looking at the hourly chart of the S&P index, the price is back below its 50 hour moving average currently at 3107.75. And looking toward the 100 hour moving average at 3095.81. On Wednesday and again yesterday, the price sniffed that moving average level only to bounce back higher. A move below should solicit more selling and the tilt more to the bearish side from a technical perspective, if the price can stay below that moving average level.
