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 39850
- S&P index is down -89.0-1.64% at 5356
- NASDAQ index is down -450 points or -2.62% at 16742
The NASDAQ index is now down -10.20% from its high (correction levels). The index is now below its 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 had terrible earning and guidance, stopped its dividend, announced 15,000 layoffs, and is on the verge of getting thrown out of the Dow industrial average.
Meanwhile Apple shares are higher after its earnings yesterday.