The major indices are opening lower and retracing some of the strong gains seen yesterday. A snapshot of the market currently shows
Dow industrial average down -358 points or -1.07% at 32 932. Yesterday’s the index rose 653.61 points.
S&P index down -43.5 points or -1.01% at 4234.95. Yesterday the index rose 107.18 points
NASDAQ index down -181 points or -1.37% at 13077. Yesterday the index rose 459.98 points..
Russell 2000 down -30.25 points or -1.51% at 1986. Yesterday the index rose 53.27 points.
Looking at the NASDAQ index, the sharp rise yesterday still fell short of its falling 100 hour moving average currently at 13415.16. Getting above that moving average is step one in building a more bullish technical bias. The price is now trading back below the swing low from January 24 at 13094.65.
The S&P rally yesterday also fell short of its 100 hour moving average at 4313.05. The high price yesterday reached 4299.40.
In the forex, the rally in the EUR has failed with the price now trading at new session lows and below its 200 hour MA at 1.1030. The EUR is the weakest and the AUD is the strongest of the major currencies