Higher US rates are starting to weigh on the US stock market. The NASDAQ index is leading the way to the downside. A snapshot of the markets currently shows:
- Dow industrial average down -180.99 points or -0.59% at 30342.82
- S&P index is down -37.12 points or -1.00% at 3682.85
- NASDAQ index is down -120.35 points or -1.12% at 10652.05
- Russell 2000 is down -40.26 points at -2.29% at 1715.65
Looking at the NASDAQ index on the daily chart, the high price yesterday stalled near a topside channel trendline. Stay below that trend line level keeps the sellers more control. On the downside the June low at 10565.14 would be the next key target to get to and through on the daily chart.
This article was written by Greg Michalowski at forexlive.com.