The NASDAQ index moved to a low of 1943.64. That was down over 300 points on the day and in the process has moved within a swing area defined by recent swing lows of swing highs between 19119 and 19208 . A move below that level would open the door for further selling.
The University of Michigan sentiment index came in a little weaker than expected but the one-year inflation expectations rose to 3.3% from 2.9% last month. The five-year inflation also ticked higher 23.3% from 3.1%. That has the NASDAQ Dow down -378 points or -1.99% at 19091. That is breaking below the low of the aforementioned swing area.
This article was written by Greg Michalowski at www.forexlive.com.
