US stocks are tilting toward a modest gain at the open after yesterday’s sharp fall | Forexlive

Yesterday, the major indices moved sharply to the downside. The declines were the biggest for the year for the major indices (the largest decline since December 15). The NASDAQ led the way with a fall of -2.50%. The S&P decline by a even -2.0% while the Dow Industrial Average fell -2.06%.

In premarket trading today, the features are applying a modest gain:

• Dow Industrial Average up 52 points
• S&P up at 7.41 points
• NASDAQ index up 34 points

for the NASDAQ, it is approaching its 200 day moving average at 11414.30. The price broke above that moving average back on January 27, and moved away from the moving average on February 1. The break above that moving average was the first since January 2022.

Looking at the daily chart, the high price stalled near the swing high going back to September 12, 2022 near 12266.41. The high price from February 2 reached 12200.82, and fell back to the downside. The index is on a three-day losing streak.