US stocks close lower. NASDAQ down for the 6th day in a row

The major US indices all closed lower.

  • The NASDAQ is down for the 6th day in a row. The index is down -7.98% from the August 25 closing level
  • The S&P and Dow Industrial Average has fallen 5 in the last 6 trading days
  • Energy led the S&P 500. Communication services was the big loser
  • S&P 500 and worst weekly losing streak since June (3 weeks less)
  • The NASDAQ and S&P closed at the lowest level since July 26
  • The Dow Jones closes at its lowest level since July 18

Final figures show:

  • Dow Industrial Average -338 points or -1.07% to 31318.43
  • S&P index -42.59 points or -1.07% to 3924.27
  • NASDAQ index -154.25 points or -1.31% to 11630.87
  • Russell 2000 -13.07 points or -0.72% to 1809.74

For the trading week:

  • The Dow Jones industrial average fell -2.97%
  • The S&P index fell -3.29%
  • The NASDAQ index fell -4.21%
  • Russell 2000 fell -4.74%

As for the S&P 500, the price has fallen this week towards the 61.8% retracement of the rise since the June low. This level comes in at 3899.84. Yesterday’s low reached 3903.65. The low price reached 3906.21 today. So if there is any hope, the 61.8% retracement has held its support. Also, today’s low price did not fall below yesterday’s low price.

However, this week, technically, the price moved away from its 100-day moving average at 4047.88 currently. This moving average was broken last Friday during the liquidation of Jackson Hole. This week’s high price on Monday stalled past this moving average level and turned lower.

S&P index tests 61.8% retracement


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