US stocks move into negative territory

The major US stock indices have seen a run lower over the last hour or so of trading.

The move lower now has the

• Dow down around -400 points or 1%. It was up 134 points at session highs.
• The S&P is down -23.36 points or -0.42%. At highs the index was up 24.08 points
• The Nasdaq down -53 points or -0.31% . At session highs, the index was up 134 points

Looking at the tech heavy Nasdaq index, it moved away from its 100-day MA during Friday’s tumble and remains comfortably below that MA at 17139.93 (the price is currently at 16826.02). It would ultimately take a move back above that moving average to tilt the bias more in favor of the buyers technically. On the downside, the 38.2% retracement and 200-day moving average comes in near 16302 – 16330.

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