Major stock indices continue to get hammered led by the NASDAQ index which is down near 2%. The S&P index is down -1.4%. Major indices are now down for the week.

• .Dow -0.46%
• S&P index -0.99%
• NASDAQ index -1.83%
• Russell 2000-1.32%

A snapshot of the market currently shows:

• Dow industrial average -510 points or -1.21% at 41789.
• S&P index -83 points or -1.46% at 5610.39.
• NASDAQ index -345 points or -1.94% at 17456.
• Russell 2000-36.37 points or -1.76% at 2029.29.

The S&P and NASDAQ indices have moved back below the 100 hour moving average in trading today. For the S&P index the 100-hour moving average came in at 5654.31. The price is now approaching the lows from March 18 and March 21 near 5600. It would now take a move back above the 100 hour moving average to tilt the buys back to the upside. Note that on Monday, the price gap the above its 100 hour moving average, but could not sustain momentum above the 38.2% retracement of the move down from the February high.

For the NASDAQ index, it get above its 100 hour moving average on Mondays trade, but broke back below that moving average at 17723.79 today. The prices testing the swing low from March 18 at 17431.67. Break below that and the low price for the corrective move at 17238.24 would be targeted.