The US stocks have started to weaken with the broader S&P and NASDAQ indices now down around -0.45%. The Dow industrial average is down -0.35%.
For the NASDAQ index it has moved back below the swing high price from August 22. Yesterday the price moved above that level at 18014.24, but closed just below it at 18013.98. The price action today has pushed through it and traders will now look toward the gap between 17826 and 17909 as a next downside target (yellow area on the hourly chart below) that would need to be broken to increase the sellers confidence.
On the topside getting back above the 18014.24 is needed to take some of the intraday bearishness out of the price action today.
Despite the declines, the major indices are still higher for the week. With the NASDAQ index up 1.44%, the S&P index up 1.24%, and the Dow industrial average up 1.45%
This article was written by Greg Michalowski at www.forexlive.com.
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