Easy come easy go. Gains from yesterday are reversed today in the US major indices

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Technical Analysis

Easy come easy go. The major US  indices  are all sharply lower and giving up the gains from yesterday’s trade.

The sellers of the market currently shows:

  • Dow industrial average is down -666 points or -2.17% at 29995. Yesterday the Dow rose 303.7 points
  • S&P index is down -95.36 points or -2.52% at 3694.43. Yesterday the S&P rose 54.53 points.
  • NASDAQ index -308.46 points or -2.77% 10791.23. Yesterday the NASDAQ rose 270.81 points.
  • Russell 2000 down -45.20 points or -2.61% 1685.93

Looking at the NASDAQ weekly chart, the index has been banging against the 200 week moving average at 1.0796.03 this week. The move higher yesterday looked like it might have averted a break and close at the end the week, but the fall back lower today is shifting the bias back to the downside and threatens a negative close for the week tomorrow.

The low price for today just reached 1.0771.41. The opening  volatility  is continuing.

This article was originally published by Forexlive.com. Read the original article here.