The losses have been halted for now in the Nasdaq 100 and the S&P 500, while the Hang Seng continues to stabilise after a two-month slump.
The index has fallen from the recent highs, dropping below 20,000 in yesterday’s session. The price finds itself below the June highs, and may now test the 50-day simple moving average , currently 19,402. The June lows at 19,470 interpose themselves before this level is reached.
Amidst all the excitement surrounding the rout in tech stocks, the S&P 500 has fallen only 60 points from the record high. The index remains firmly above trendline support from the April low; a fall this far would take it back to 5500, or down to the 50-day SMA at 5421.It looks like a bottoming process has continued here, with the index rallying overnight after retracing most of last week’s gains.
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