Former Treasury Secretary Mnuchin is on the wire saying that 5% – 10% correction in stocks makes sense. It natural.

From the high:

• S&P index is now down -10.37%
• NASDAQ index is down -14.69%
• Dow is down -9.5%

The NASDAQ index is testing its 38.2% retracement of the move up from the October 2023 low. That low was the last time the price was below its 200-day moving average.

That retracement level comes in at 17278.18. The price is also testing the lowest level going back to September 11, 2024.

This article was written by Greg Michalowski at www.forexlive.com.