Stock markets went down for consecutive nine days, the longest loosing streak in 14 years. Positive economy data raised the chance for a December rate hike, and uncertainty surrounding the presidential election were the two major factors for this decline. For the week S&P 500 index closed at 20856, down 1.949%, Dow Jones Industrial Average lost 1.59% and technology laden NASDAQ composite index decreased 2.77%.
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| Weekly chart of S&P 500 index |
S&P 500 index fell below its 28 week moving average in the weekly chart, eliminating its chance to rebound from it support. With this new chart action, and low momentum, the index will stay below the support for then next few weeks. The first support below is at 2050 level and the second one is at 1990.
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