The major European indices are all closing lower led by the German DAX with a decline of -0.61%.
A snapshot of the closing levels shows:
- German DAX, -0.61%
- France’s CAC, -0.41%
- UK’s FTSE 100 -0.39%
- Spain’s Ibex -0.27%
- Italy’s FTSE MIB -0.43%
As London/European traders head for the exits, US stocks still remain lower but are well off their lows for the day.
A snapshot of the US market currently shows:
- Dow industrial average -0.08%
- S&P index -0.31%
- NASDAQ index -0.24%
- Russell 2000-0.74%
The NASDAQ index opened under pressure, with sellers pushing the price below its 100-hour moving average at 22,244.70. That early break tilted the bias lower, but downside momentum quickly faded.
Since then, the index has staged a rebound, climbing back above the swing area near 22,397. Holding above this level is now critical for buyers. If support develops here, it could provide the platform for further upside momentum.
On the other hand, a move back below 22,397 would weaken the recovery and increase the risk of a rotation back to the downside, with sellers reasserting control. Getting and staying below the 100 hour moving average would be the next target on a return to the downside momentum.
