NASDAQ index now down close to 3% on the day.S&P moves away from its 200 day MA at 5730.66

Major US stock indices continue to slide with the S&P and NASDAQ index now both trading comfortably below their 200 day moving averages. The S&P index is 200 day moving average of 5730.67. The current prices trading at 5720.5 down -2.08%.

The NASDAQ index has been trading above and below its 200-day moving average over the last four trading days. The moving average comes in at 18392.61. The current prices trading down -526 points or -2.85% at 18024.57 after trading as low as 18008.06.

The 50% midpoint of the move up from the August 2024 low comes in at 17953.44. The low price from Tuesday’s trading reached 17956.60. Those levels are the next target for the tech heavy index.

Some of the big losers today:

• Palantir (PLTR) – $80.75, -10.41%
• Snowflake (SNOW) – $159.58, -10.00%
• Netflix (NFLX) – $910.26, -8.14%
• DoorDash (DASH) – $181.26, -7.08%
• Super Micro Computer (SMCI) – $36.16, -7.05%
• SoFi Technologies (SOFI) – $12.47, -7.19%
• Robinhood Markets (HOOD) – $44.88, -6.73%
• Roblox (RBLX) – $58.92, -6.93%
• Tesla (TSLA) – $260.20, -6.77%
• GoodRx (GDRX) – $4.64, -6.67%
• Broadcom (AVGO) – $179.95, -6.07%

Broadcom which traded as high as $251.88 is trading at $179.95 and right near the 200-day MA at $179.87. Earnings will be released after the close with expectations for $1.50 vs $1.09 a year ago. The revenues are expected at $14.62B which is $11.96.

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