The Major Market Indices Continue to Weaken

By | April 11, 2017

The Dow Jones Industrial Average ($DJIA) and the S&P 500 Index ($SPX) are retesting their 50 day moving averages and nearing downside support levels, at this early point in the trading day. The Russell 2000 Small Cap Index ($RUT) has been trading below its average for the last week, but is well above horizontal support in the 1348 area.

These technical support levels have been in place for over a month and have been tested before, but as these indices with the NASDAQ Composite Index ($COMPQ)being the exception, continue to make lower highs, and the momentum and money flow indications continue to track lower, the likelihood of those support levels being breached increases.

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