The major US stock indices are ending the day lower led by the NASDAQ index which declined by 2.4%
For the shortened trading week, the indices were down 3 of the 4 trading days. After snapping a 7 week decline in the S&P and NASDAQ index ended 8 week decline in the Dow industrial average, the major indices all were lower this week.
The final numbers are showing:
- Dow industrial average fell -348.58 points or -1.05% to 32899.71
- S&P index fell -68.26 points or -1.63% to 4108.55
- NASDAQ index fell -304.15 points or -2.47% to 12012.74
- Russell 2000 fell -14.62 points or -0.77% to 1883.05
For the trading week
- Dow industrial average fell -0.94%
- S&P index fell -1.19%
- NASDAQ index fell -0.98%
- Russell 2000 index fell -0.25%
Technically, the NASDAQ index after trading below its 200 hour moving average (green line in the chart below) earlier in the session, is closing above the declining level (currently at 11971.16). Traders will be eyeing that moving average level next week as a barometer for bullish and bearish.
Both the S&P and the Dow industrial average are also above their 200 hour moving averages:
- For the S&P, the index is at 4072.43
- For the Dow industrial average 200 hour moving average is currently at 32581.47
Next week, those moving averages will be in play and be used to define the short/intermediate-term bias. Stay above is more bullish. Move below is more bearish.