US stocks slide into the close

Selling in the major stock indices accelerated into the close, with all the indices all closing near the lows for the day.

• The NASDAQ index was the biggest loser and fell for the first time in four trading sessions
• The Dow and S&P broke their two day win streak
• All three indices are now on track for weekly losses
• The declines in stock closed despite lower levels in interest rates. The 10 year yield is trading down -3.5 basis points at 1.70%.

The final numbers are showing:

• Dow fell -175.05 points or 0.048% at 36115.26
• S&P is down -67.10 points or -1.42% at 4659.19
• Nasdaq is down -281.57 points or -2.51% at 14806.82
• Russell 2000 is down -16.62 points or -0.76% at 2159.43

Looking at the Nasdaq index below, the price is now 8.67% from the all time intraday high and looks toward the 200 day MA again at 14719.42. On Monday, the price moved below the MA level on its way to an intraday low at 14530, before bouncing back higher and retesting the higher 100 day MA at 15278.

On a move back below the 200 day MA, there should be more liquidation with the 50% of the move up from the March 2021 low at 14304 and the swing lows from July 2021 and October 2021 at 14181.69 as the next major targets.

Of interest tomorrow will be earnings from Citigroup, JPMorgan Chase, Blackrock all scheduled to announce before the open.

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