The major US stock indices are closing lower for the 4th consecutive day. For the week, the majors major indices are also down sharply.
Recall from this time last week, Adam warned that this week is the worst week on the calendar seasonally for equities, over the past 50 years.It lived up to that distinction this year as well.
For the trading day:
Dow industrial average fell -186.29 points or -1.62% to 29590.42. The prior low close for 2022 came in at 29888.72S&P index fell -64.78 points or -1.72% at 3693.22. The low close for the year came in on June 13 at 3674.85. The low price today did dipped below that level but bounced into the closeNASDAQ index fell -198.87 points or -1.80% at 10867.94. The June 13 low close for the year came in at 10798.35. The low price today reached 10732.72 below that level.Russell 2000 fell -42.72 points or -2.48% at 1679.58. The June 13 low close was at 1665.69. The low price today intraday reached 1658.65 below that level
For the trading week,
Dow industrial average fell -4.0%. Last week it fell -4.13%S&P index fell -4.65%. Last week it fell -4.77%NASDAQ index fell -5.07%. Last week it fell -5.48% himRussell 2000 fell -6.6%. Last week the index it fell -4.5%.
Technically, the
NASDAQ index closed below its 200 week moving average at 11094.95. Back at the June lows, the price moved below the 200 week moving average as well, but closed above the moving average the following week and stayed above that moving average.Dow industrial average also closed below its 200 week moving average at 29752.11. The last time the price close below its 200 week moving average was back on it May 11: 2020S&P index remains above its 200 week moving average at 3585.22.
For the week, the technicals are not looking good for 2 of the 3 major indices. It is just one week and we have seen these false breaks before (see the weekly chart below) him. However, until the price can get back above and stay above, the sellers have control.
Is it a breakout or is it a fakeout for the Nasdaq
