Major indices getting hammered
The major US stock indices continue to get hammered with the Dow down over 700 points. The S&P index down nearly 100 points and the NASDAQ index down over 400 points.
Taking a look at the S&P on the daily chart above, the price has moved down to test its 100 day moving average. That moving average currently comes in at 4328.57. The low price for the day has reached 4335.17. So the price is within six – seven points of that key moving average line. The price of the S&P index has not traded below its 100 day moving average since November 2, 2020.