The US stocks are trading to new session lows. A snapshot of the markets shows:
- Dow Industrial Average is down -239.43 points or -0.72% at 32907.83
- S&P is down -38.59 points or -1.01% at 3800.90
- NASDAQ index is down -139.68 points or -1.33% at 10326.80
For the S&P index it opened higher and moved up to test its 100 hour moving average (blue line in the chart below) currently at 3868.17, but could not maintain momentum above that level.
Buyers turned sellers and the price has since rotated back down to test the 50% midpoint of the move up from the October 13 low. That level comes in at 3796.91.
This article was written by Greg Michalowski at www.forexlive.com.