US stocks start to move lower again

The US major indices are moving lower again with the NASDAQ index down -0.31%. The S&P index is down -0.29%.

The major indices opened lower today but then rebounded intraday. The NASDAQ index traded up 96.35 points at session highs, while the broader S&P index is up 24.07 points. The NASDAQ index is now down -60 points or -0.35%. The S&P index is down -16.49 points or -0.30%.

The Dow 30 is trading down -45 points or -0.11% (it traded up 235 points at session highe), and the small-cap Russell 2000 is down -7.86 points or -0.37% (ittraded up 16.82 points had session highs.

For the NASDAQ index, it fell below its 200-hour moving average on Tuesday (currently at 17287.27). Today the price traded above and below the 38.2% retracement of the move up from the August 5 low. That level comes in at 17135.59. Going forward, a close below a swing area (see red numbered circles) between 16984.67 and 17033.96 would increase the bearish bias technically.

For the S&P index it traded between its 100-hour moving average above at 5585.57, and its 200 hour moving average below at 5481.09 (the current price is at 5514). The index is still up 7.73% from the August 5 low. A break below the 200 hour moving average would increase the bearish bias.

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