NASDAQ index down over 3.25% in early trading

Technical Analysis

Author: Greg Michalowski | nasdaq

Falls below its 50 day moving average for the 1st time since November

The NASDAQ index is trading down over 3.25% now (-440 points). The index is moving below its 50 day moving average currently at 13129.55. The low price has just reached 13088. The next target would come in at the February 1 low price at 12985. An upward sloping trendline cuts across at 12876. The 100 day moving average comes in at 12475.38.

It would take a a move back above the 50 day moving average to tilt the bias back to the upside. 

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