Nasdaq back below 50 day MA
The US stocks have retreated off the post-weekend gap highs.
The Nasdaq moved to a high of 7486.51. That was right around the 50% retracement of the move down from the end of August high. That midpoint comes in at 7482.02.
The price decline has now taken the price below the 50 day MA at 7451.74. We currently trade at 7424. A move back above the 50 day MA will be eyed to give more "bull" to the market.
For the S&P index, the open took the price above the 200 day MA at 2762.14, the 50 day MA at 2772.14 at the opening. The high price moved to 2800.18 (a nice round number) and has backed off to a low of 2776.29. We currently trade at 2783.54. That is still above both of the MAs below but a good chunk of the gain has been erased.
