The main US stock indices close down for the 4th day in a row. For the week, the main major indices are also down sharply.
Reminder of this time last week, Adam warned that this week is the the worst week on the calendar seasonally for equities, over the past 50 years. He also lived up to that accolade this year.
For the trading day:
- The Dow Industrial Average fell -186.29 points or -1.62% to 29,590.42. The previous closing low for 2022 was 29888.72
- The S&P index fell -64.78 points or -1.72% to 3693.22. The closing low for the year came on June 13 at 3674.85. Today’s low price fell below this level but rebounded on the close
- The NASDAQ index fell -198.87 points or -1.80% to 10867.94. The year-end low on June 13 was 10798.35. Today’s low reached 10732.72 below this level.
- Russell 2000 fell -42.72 points or -2.48% to 1679.58. The June 13 closing low was at 1665.69. Today’s intraday low price reached 1658.65 below this level
For the trading week,
- The Dow Jones Industrial Average fell -4.0%. Last week it fell -4.13%
- The S&P index fell -4.65%. Last week it fell -4.77%
- The NASDAQ index fell -5.07%. Last week it fell -5.48%
- Russell 2000 fell -6.6%. Last week, the index fell -4.5%.
- The NASDAQ index closed below its 200-week moving average at 11094.95. Back to the June lows, the price also broke below the 200-week moving average, but closed above the moving average the following week and remained above that moving average.
- The Dow Jones Industrial Average also closed below its 200-week moving average at 29752.11. The last time the price closed below its 200 week moving average was back on May 11: 2020
- The S&P index remains above its 200 week moving average at 3585.22.
For the week, the technical data is not good for 2 of the 3 main indices. It’s only been a week and we’ve seen these false breaks (see weekly chart below) before it. However, until the price can recover and stay above it, the sellers are in control.