Technical Analysis


Major indices now down over 2%

The USDJPY has moved to another new session low. Looking at the hourly, the pair is looking toward the 50% midpoint of the move up from September low at 112.457. The low has reached 112.54.

A move below that level will look toward the lower channel trend line at 112.20 and moving lower.  

The US stocks continue to be hit. The Dow is down -537 points now or -2.03%.  The Nasdaq is down -2.65%. The S&P is down -2.09% at 2822. The low reached 2816.66 and below the 100 day MA at 2822.74. Key level. . 

The Nasdaq has reached a low of 7523.55. The 200 day MA is at 7499.149 (call it 7500).  There is also a trend line cutting across at the area (from June 2016 low).  The price of the Nasdaq has not traded below the 200 day MA since July 2016. Key level.  



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