NASDAQ and S&P index both down around -0.7%
The pattern of selling the open continued with the major indices all lower and trading at lows for the day.
The NASDAQ index is now down over 100 points or -0.72%. The S&P index is down -31.4 points or -0.71%.
The major indices are now negative on the week.
The NASDAQ index rallied into the close yesterday and moved up close to its 100 hour moving average (blue line in the chart above). However sellers leaned against the level and have pushed the price lower in early trading today. The 38.2% retracement at 15028.97 of the move up from the August 19 low and the rising 200 hour moving average at 15012.87 are the next major targets. The low price from Wednesday’s trade stalled near the 200 hour moving average and bounced higher.