US stocks falling sharply with the S&P and the Nasdaq now down over 1%

The major stock indices are moving to new lows as the Fed Chair says the call was a closer call with risk two-sided. That helped to push the USD higher as well.

The Dow is donw -0.83% while the S&p and the Nasdaq are down over 1%

The S&P is currently down -1.04% and the Nasdaq is down -1.16% after trading down as much as -1.30%.

For the Nasdaq index, it is approaching its rising 100 hour moving average of 19760.11. Getting below that level would have traders looking toward the 200-hour moving average at 19410.19.

For the S&P index, the price is below its 100 and 200 hour MAs at 6057.47 and then the 200 hour MA at 6006.31.

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