Down over 200 points on the day
the NASDAQ index is leading the way to the downside with a decline of over 200 points or -1.54% to 13152.16. The S&P index is down -0.77% or -29.96 points at 3840.25. The Dow industrial average is lower but only down marginally. It currently is trading down -58 points or -0.18% at 31340.
Rocket mortgage which rocketed higher yesterday is tumbling back to earth today. It is currently trading down -20%.
Of the major large-cap issues,
- Microsoft,-1.8%
- Amazon-1.82%
- Apple -1.42%
- Netflix, -3.7%
- PayPal, -3.97%
- zoom, -4.29%
looking at the hourly chart of the NASDAQ index, the pair last fell below its 200 hour moving average on February 22 (green line currently at 13641.01). The snapback rally on February 23, took the price back up to retest that moving average level. That 200 hour moving average was once again sniffed at the highs today before finding sellers.
The price has since moved further away from the lower 50 hour moving average currently at 13424.06. Stay below the 50 hour moving average keeps the sellers firmly in control. The lows from February 23 and last Friday approached the swing low going back to January 29 at 12985.052. Get below that level and the selling should intensify.
