The S&P 500 and NASDAQ are both down nearly 1% on the day, hitting new session lows.
- The NASDAQ has dropped -196.47 points (-1.09%) to 17,872,
- The S&P 500 is down -53.5 points (-0.94%) at 5,685.
The S&P 500 is now pulling further away from its 200-day moving average at 5,732.70, signaling growing downside momentum. Meanwhile, the NASDAQ is on track to close below its 50-week moving average for the first time since March 2023, adding to technical concerns.
This marks the third consecutive weekly decline for the NASDAQ after falling -2.51% two weeks ago and -3.47% last week. Currently, the index is down -5.15% for the week, its worst performance since September 2024, when it dropped -5.77%.
The S&P index has also closed lower 3-weeks in a row. The index fell -1.66% 2-weeks ago, and -0.98% last week. This week the index is down -4.61%, its worst week which equals it’s worst decline since September 2024. The 50 week MA comes in at 5646.25. The price is still above that level.
This article was written by Greg Michalowski at www.forexlive.com.
