Technical Analysis

US stocks open lower but declines were worse in premarket trading

The major US indices are opening lower, but off their premarket levels implied by the futures. A snapshot of the market three minutes into the opening is showing:

Although the declines are less than premarket trading, the technicals are shifted more to the downside on the daily charts.

Looking at the daily chart of the S&P index, the price is back below its 200 day moving average at 4046.14. That level will be a key barometer for traders going forward:

S&P index back below its 200 day moving average

For the NASDAQ index, it traded above its 100 day moving average yesterday for the first time since September 12, but is back below that level. The moving average currently comes in at 11501.83. Stay below is more bearish.

NASDAQ index is back below its 100 day moving average

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