US stocks open the holiday shortened week lower

Major US indices are opening lower with the NASDAQ is down -200 points to raising the gains from Friday’s trade (+197 point).

A snapshot of the market nine minutes into the open showing:

• Dow industrial average -228.2 at -0.55% at 41338
• S&P index -23.51 points or -0.77% at 5605
• NASDAQ index -211 points or -1.19% at 17504

The small-cap Russell 2000 is down -15.66 points or -0.71% at 2201.98.

The gains from last Friday were enough to extend the string of positive weeks for the S&P to three (the S&P closed the week up 0.24%). The Dow industrial average also closed higher for the third consecutive week (it rose 0.94%).

The NASDAQ index fell last week snapping its two-week string of gains (-0.92% for the week)..

The decline in the NASDAQ index, has taken the price below and away from ts 100-hour moving average at 17620.87. Its 200-hour moving averages still lower at 17311.92. Getting below that would give the sellers more control technically.

This article was written by Greg Michalowski at www.forexlive.com.