NASDAQ CONTINUES TO LEAD STOCKS LOWER -- AND IS TESTING ITS 50-DAY MOVING AVERAGE

John Murphy
by John Murphy,
Pioneer Technical Analyst

NASDAQ COMPOSITE IS TESTING ITS 50-DAY AVERAGE.. The tech-driven Nasdaq market continues to lead the market lower.   Chart 1 shows the Nasdaq Composite Index in the process of testing its 50-day average.  That's an important test for it and the rest of the market.  Chart 2 shows the S&P 500 bearing down on its 50-day line as well.  All eleven market sectors are in the red with the biggest losses in technology, energy, communications (Internet), financials, and staples.   A handful of stocks are seeing small gains which include airlines and homebuilders.   Bond prices are modestly higher as bond yields pull back.   Some safe haven buying is boosting the dollar.

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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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