The NASDAQ pulled back sharply last week. It dropped from new all-time highs to its 50-DMA in just 2 days, where it ultimately bounced last Friday. However, it closed slightly back below this key moving average as it continued to test it yesterday.
The S&P 500 dropped sharply with the NASDAQ over the last few days, although it exhibited more strength, ultimately finding support at its 21-DMA last Friday. Nevertheless, it ultimately continued lower yesterday and appears to be headed for its 50-DMA.
The Russell 2000 pulled back to its 50-DMA with the NASDAQ last week and also finished yesterday’s session slightly below, although it didn’t have nearly as far to fall and it is currently being contained by its 65-EMA, which is a positive.
The DOW pulled back with the other major indexes over the last few days, although it has exhibited the most strength up to this point and it continues to hold up the furthest above its key 50-DMA.