Nasdaq index dips below 50 hour MA and now retesting. Will the sellers lean?
A potential chink in the bullish armour
The Nasdaq index is trading lower (now down about 50 points or -0.63% at 7952. The low reached to 7940.13. In the process, the price has diipped below the 50 hour MA at 7957.639. Stay below that MA tilts a little of the bias ot the downside for the index.
We are correcting off the low and are looking to retest that hourly MA level. Traders - looking for clues - will be eyeing that level to see if sellers lean against it and force the price back down. If so, the selling bias should see more downside potential. The 7909 area was the high from June 11 and near the low from June 18. Below that the rising 100 hour MA (blue line) comes in at 7849.40.