US stocks extend lower. NASDAQ leads the way lower.

<p>The major US stock indices have skidded lower led by the NASDAQ index.</p><p>Looking at the hourly chart above, the move to the downside has seen the price of the Nasdaq index move below its rising 100-hour moving average (blue line in the chart above). That moving average currently comes in at 13465.67. The current price is trading down -101 points or -0.75% at 13391.22</p><p>The break below the moving average is the first time since May 4. That tilts bias to the downside at least in the short term.</p><p> Stay below will have traders looking down toward the rising 200-hour moving average at 13096.03. The 38.2% retracement of the move up from April 25 below is just below that level at 13075.</p><p>Meanwhile, the S&amp;P is also trading down today by about -10 points, and in doing so, is also breaking below its 100-hour moving average at 4344.53. The current price trades at 4337.59. The Dow Industrial Average is still higher by 16 points or 0.05%.</p>

This article was written by Greg Michalowski at www.forexlive.com.