Markets are down again today. After gapping down at the open, the DJIA was down more than 500 points at 1 pm CST, and both the Nasdaq and SP 500 are down about 2 percent.
Oil (WTI) was down $4 a barrel to less than $53. It hasn't been this low since last November.
As I indicated yesterday, the Nasdaq fell 3 percent below its 200-day moving average. The SP 500 and Nasdaq hit that level today.
However, the SP 500 index is still holding above the October low, which is a key level for chart watchers.
This is not a market to be buying. The February 2018 low on the QQQ (Nasdaq ETF) was about 150. Current level is about 159.
What happens next is anyone's guess. Patience is the key for now.
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