NASDAQ index now negative on the day. S&P below swing area after break higher fails.

The NASDAQ index is now negative on the day. All the major indices are now in the red with the Dow Industrial Average average down -1.0%

A snapshot of the market currently shows:

• Dow is down -386 point or -1.0% at 38301
• S&P is down -30.14 point or -0.57% at 5247.19
• NASDAQ index -32.74 points or -0.19% at 16703

Looking at the S&P index, it has the form below a swing area between 5254.34 and 5260.45 on its hourly chart (see yellow area and read numbered circles on the chart below).

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