Nasdaq turns negative after opening higher
The major US stock indices are trading mixed a few minutes into the new trading day.
The major indices all opened higher with the Dow up 328 points, the S&P up 30.73 points and the Nasdaq up 41.3 points, but sellers entered (especially against the NASDAQ stocks) and pushed indices lower.
Currently 10 minutes into the opening, the snapshot shows:
Dow industrial average up 330 points or 0.95% at 34908
S&P index up 8.18 points or 0.18% at 4546.49
NASDAQ index -130 points or -0.86% 14956
The Russell 2000 index up small-cap stocks is also lower by 3.34 points or -0.15% at 2155.96.
Looking at the NASDAQ chart below, the price has moved back below its 100 day moving average at 15087.19 and has now moved -7.9% from its all-time high. The next downside target on further downside momentum comes in at the 38.2% retracement of the move up from the April low at 14754.87.