Technical Analysis

Stocks close lower for the 2nd consecutive day

Major indices open higher at the start of the day but after the JOLTs job openings came in higher than expectations and reversed a lot of the declines from last month, the gains were trimmed and the price is turned into negative territory. The NASDAQ index is the weakest of the major indices with a decline of -0.89%.

A snapshot of the market shows:

  • Dow industrial average fell minus 82.14 points or -0.25% at 32650.84
  • S&P index fell -15.94 points or -0.41% at 3856.03
  • NASDAQ index fell -97.29 points at -0.89% at 10890.86
  • The Russell 2000 of small-cap stocks bucked the trend with a gain of 4.525 points or 0.25% at 1851.38

The S&P index closed below its 100 day moving average at 3899.21 ( after trading above the moving average level early in the session. The price also failed on a break of the 50% midpoint of the move down from the August high at 3908.43.

S&P index closed below its 100 day MA and 50% midpoint

After the close, AMD is expected to release their earnings. Also AirBNB will release.

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