Technical Analysis

Nasdaq takes it on the chin with a loss of over 2%

Nasdaq lower for the 6th time in 7 days.  

The major US indices are ending sharply lower with the brunt of the damage done in the Nasdaq index.  

  • The NASDAQ closes at its lowest level since June 22
  • The NASDAQ is down 7.5% from its all-time high
  • The S&P index is closing  5.40% from its all time high. 
  • S&P that the lowest level since July 19 
  • Facebook fell -4.89% today and is 15% from its all-time high
  • The Dow is -4.57% from its high.  

A look at the final numbers for the day are showing:

  • Dow industrial average -323.56 points or -0.54% at 34002.91
  • NASDAQ index -311.20 points or -2.14% at 14255.49
  • S&P index market 56.58 points or -1.30% at 4300.47
  • Russell 2000-24.16 points or -1.08% at 2217.47

The scathing segment on Facebook’s disregard for the safety of their content on 60 Minutes got the ball rolling in the downward direction. There was also on a number of outages at major tech companies including Google, Amazon, Facebook, Twitter, etc., which may have contributed to the negative tone. Of course there is also the fear of slowing growth in China hurting global economies, and higher inflation leading to stagflation.

Feds Bullard gave his usual hawkish comments which did not help things. 

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