Stocks stop falling as the bombs stop falling

The Iranian bombs have stopped falling and so has the stock indices.

• The Dow industrial average is trading down as much as -384.52 points. It is currently down only 54 points or -0.12%.
• The S&P index traded down as much as 81.20 points. Is currently down -38.93 points or -0.67%.
• The NASDAQ index traded down as much as -409.40 points. It is trading down -225.03 points or -1.23%.

Although the bombs have stopped falling, what is unknown is a response from Israel.

The good news technically for the broader S&P index is that the low price today stalled just ahead of its rising 100 hour moving average (blueline in the chart below). Holding that support level has given the buyers some hope. The prices back up testing its 50 hour moving average at 5727.15.

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