The Nasdaq index is trading at a new session low and in the process, has erased the gains from yesterday.
The index rose about 220 points yesterday and is currently down -245 points or -1.79% at 13507.34. The high price today reached 13837.59.
Technically, at the high, the price ran into resistance against its 200 hour moving average (green line) and found willing sellers. After breaking below its 100 hour moving average (blue line in the chart above), sellers started to lean against that level as well (and pushed lower).
It will now take a move back above the 100 hour moving average at 13680.89 currently to give the buyers some hope for further upside. The price would then need to get above its 200 hour moving average. That moving average not only held resistance today, but also held resistance back on February 10. Stalling against the moving average twice increases the levels importance from a technical perspective.
The Dow industrial average is also lower now by 72 points are -0.21% at 33818. The S&P index is down -23 points are -0.52% at 4363.90. The Russell 2000 is down -36.19 points or -1.76% at 2022.75.
