Sellers remain in control below the 100 hour moving average.
The sellers are winning today in the Nasdaq.
The index is currently down 165 points or -1.05% at 15687.64. The low price reached 15603.30.So it off the lows but sellers are making a play today.
Technically, the price open lower and rebounded higher after the better PMI flash data. The price squeezed up to retest the broken 100 hour moving average at 15889.71. The high price reached 15885.86 - just below that key 100 hour MA barometer.
Sellers kept a lid on the corrective rally, and the sellers pushed lower.
The next "score" for the sellers would be at the rising 200 hour MA at 15546.13 (and rising). Move below that level and the sellers assume more control.
Helping the bulls would require move above the aforementioned 100 hour moving average currently at 15889.71.
Although rates are higher further out the curve (bearish for the high tech Nasdaq), they are lower in the short end now. The two year yield moved up to a high of 0.687%. The five year yield moved up to 1.365%. However both are trading nearer the lows of the day (at 0.61% and 1.326 respectively). Meanwhile the 30 year and 10 year are still up over 2.0 basis points.