The major indices are opening lower with the NASDAQ leading the way. Yesterday the:
S&P fell -1.37% Dow industrial average fell -1.21%. NASDAQ -2.3% Russell 2000 index fell -3.03%
A snapshot of the major indices shows:.
Dow Industrial Average average is down -511.4-1.27% at 39850S&P index is down -89.0-1.64% at 5356NASDAQ index is down -450 points or -2.62% at 16742
The NASDAQ index is now down -10.20% from its high. The index is now below is a 100 day moving average at 16877.60, and it 50% midpoint of the move up from the May low at 16946.92. Both those levels are now resistance on a correction. It would take a move back above each to increase the bullish bias.
Amazon shares are down -9.83% in volatile trading. Intel is even worse with a decline of -27.54% as it stop its dividend, announced 15,000 layoffs, and is on the verge of getting thrown out of the Dow industrial average.
This article was written by Greg Michalowski at www.forexlive.com.
