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The Dow’s dive took out this key chart level
Blue-chip gauge breaks 50-day moving average

NEW YORK (MarketWatch) — Wednesday’s steep drop has resulted in the Dow Jones Industrial Average knifing through a level that many chart watchers track closely.
The Dow DJIA, -1.28% has undercut its 50-day moving average, and it is on pace to close under that level for the first time since mid-August.
The blue-chip index is in a way following the lead of the S&P 500 SPX, -1.21% and Nasdaq COMP, -1.50% Those other two indexes closed below their 50-day lines for the first time since August last week. And the small-cap Russell 2000 RUT, -1.66% in late September saw its 50-day average cross below the 200-day moving average, a technical formation known as a “death cross.” On Wednesday, the Russell hit “correction” territory, slipping more than 10% below its March closing high.

The S&P 500, Dow and Nasdaq on Wednesday are on track to finish at levels last seen in mid-August. http://www.marketwatch.com/story/the-dows-dive-took-out-this-key-chart-level-2014-10-01?dist=countdown