Index looks to test its 50 day moving average
The NASDAQ index is down over 200 points at 13550. The low for the day reached 13544.83.
On the move to the downside the price has returned back to its 50 day moving average at 13536.75. Lastly, the price dipped below that moving average on Tuesday and again on Thursday, but could not closed below the moving average level. The rising 100 hour moving average is also in play at 13418.01. The price has not been below that MA level since mid April.
The rotation out of the large-cap and into Dow cyclical stocks continued today. While the NASDAQ is down to hundred points, the Dow industrial average is currently up near 200 points at 34973 ( up 195 points or 0.56%). The S&P is caught between the extremes, but trades at negative by eight points or -0.18% at 4225.
