Last week was a down week for the major indices. The Nasdaq and S&P both fell -2.6% on above-average volume. Since the highs of early March, the S&P has fallen -3.3% compared to the weaker Nasdaq which declined -7.7%. 

The Nasdaq, S&P, and Dow are all below their respective 50 EMAs, and this means the next downside target could be their 200 SMAs. The Nasdaq closed at 3,999 and is testing the 4,000 level. Next downside support for the Nasdaq is 3,960 to 3,975. The S&P 500 is 15 points above the 1,800 level and if that is broken, there is support around 1,775.

Economic Reports on Monday: Consumer Credit