TECHNICAL ANALYSIS

Gains dissipate in US stocks


The indices are still rising but the prices are falling.

Major US indexes melt earnings as news from Moderna and lack of positive news from the McConnell / Pelosi reunion caught the wind in the sails of the bulls.

A market snapshot still shows profits at all levels in the major indices, but the changes are approaching daily lows. The snapshot shows:

  • S&P Index, up 0.72%
  • NASDAQ index, also up 0.72%
  • Dow industrial average, up 1.06%
The indices are still rising but the prices are falling.

Looking at the NASDAQ hourly chart, the price fell back below the 200 hour MA at 11,210.09. Traders will watch this level going forward. Staying below would keep the market negative.

NASDAQ Index

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