The payment and point-of-sale solutions company loved by small businesses, Square (SQ), did something today that it has not done in over two years and only done once before in the stock’s history: it closed below its 200-day moving average. Three years to the date of its IPO, SQ fell 10.74% today to drop to $62.97. Today’s decline has brought the stock 37.8% off of its high from October 1st of this year. This drop has also brought it well below support in the mid $60’s from the final days of October. It is safe to say that Square’s fantastic uptrend since its IPO has finally been broken.
