US broader indices down sharply and testing technical targets. Nasdaq down -2.6%.

<p class="PDq2pG_selectionAnchorContainer">The broader U.S. stock indices are under heavy selling pressure, with the Nasdaq leading the decline as investors reduce exposure to technology shares. The Nasdaq is down 2.65% to 25,012, while the S&P 500 has fallen 1.5% to 7,388.</p><p>From a technical perspective, the S&P 500 is testing a key trendline support on the hourly chart that connects the June 9 and June 26 lows. That support comes in near 7,380. The index briefly traded below it, reaching a session low of 7,376, before rebounding modestly to around 7,392. If sellers can push and hold the price below the trendline, the next downside target comes in a swing area between 7,321 and 7,341.</p><p></p><p>The Nasdaq has already fallen into an important support zone between 24,913 and 25,109, with today's low reaching 24,954.77. A sustained move below that floor would increase the bearish bias and shift the focus toward the 38.2% retracement of the rally from the late-March low at 24,707. Just beneath that level sits the rising 100-day moving average at 24,686.40, providing the next major technical support area for traders to monitor.</p><p></p><p>Yield continue to be a negative for equities with the two-year up 5.56 basis points at 4.3576%. The 10 year is up 4.6 basis points at 4.701%.</p>

This article was written by Greg Michalowski at investinglive.com.

This article was sourced from Forexlive. WealthWire aggregates financial news for informational purposes only. This does not constitute investment advice.