Technical Analysis

The major US stock  indices  are continuing their run to the downside. The broader indices are down for the 5th the day in at 6. The NASDAQ is now down 31.5% from its all-time high. The S&P index is getting closer to -20% (fell -19.5% at its lows today). A 20% is considered a  bear market  .

A snapshot of the market 11 minutes into the opening is showing:

  • Dow industrial average -334.49 points or -1.05% at 31499.63
  • S&P index -51.24 points or -1.3% at 3883.95
  • NASDAQ index -211.11 points or -1.86% at 11153 .12
  • Russell 2000 is down -15.62 points or -0.91% 1702.514

The NASDAQ index fell 32% during the start of the pandemic in March 2020. An equivalent 32% decline in the NASDAQ would target around 11,018.

Yesterday the index closed below the 50% midpoint of the move up from the post pandemic low at 11449.29. That level is now close risk. It would take a move above that level to give buyers some hope/confidence.

NASDAQ is down over 30%

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