Ominous 'Death Cross' formation formed on technical chart of US Nasdaq Index

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MUMBAI: The Nasdaq Composite Index of the US equity market on Friday showed an ominous "death cross" formation on the technical charts, the first time since the April 2020 epidemic, a report said. The Corona shook the global economy in April 2020, and American equity markets collapsed.

On Friday, the Nasdaq was down 1.4 per cent, or 12.5 per cent, to close at 16.05. The index is currently down 15 per cent from its November 2016 high.

The pattern used by some investors to shape the long-term movement of the equity market weakened further on Friday. Nasdaq's 30-day moving average fell below the 200-day moving average.

The formation was first seen during the dot com bubble in June 2000 and in January 2008 during the 2008 financial crisis, the report said.

"In the language of analysts, the 'death cross' does not always mean that the situation is bleak, but we can say that we are in favor of a possible reduction," said one analyst.

The US Federal Reserve is preparing to tighten monetary policy as inflation rises to a 20-year high, leading to a sharp fall in global stock markets, including the US.

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