Stocks move to new session lows. | Forexlive

The major US indices are trading to new session lows. The NASDAQ index is leading the way with a decline of over 100 points or -0.85% at 11969.17 currently.

Looking at the hourly chart for that index, the price rise today corrected up toward its100 hour moving average currently at 12079.14 (blue line in the chart above). Sellers near that level has now taken the price to new lows. In the process, the index is moving toward the 200 hour MA at 11913. Move below that in the short term, and the sellers take back even more control in the short term.

PS the high price last week moved up to test the high from February 2 and found willing sellers ahead of that level. The inability to extend above the February high at 12269 (the high last week reached 12245.43), gives the seller some added confidence (and gave them some control). Moving below the 100 hour MA is another short term tilt.

Earnings this week will be key for the index (and other major indices ). The calendar is full of big cap names including Microsoft, Alphabet, Meta, Amazon, Intel. Dow 30 names include Microsoft, Boeing, Caterpillar, 3M, Intel, Coca Cola (today they released), Merck, McDonalds and Chevron.

Below is the earnings calendar for the week.

Tuesday, April 25