NASDAQ index falls below 200 hour MA

Technical Analysis

Author: Greg Michalowski | nasdaq

The selling continues with technical levels been broken

The NASDAQ index is now down over 300 points or -2.74% to 11,232.19. The move has now taken the price below its 200 hour moving average at 11285.686. It is also below the 50% retracement of the move up from the September 24 low that level comes in at 11242.07. 

NASDAQ index 
The Dow industrial average is approaching down 1000 points on the day. It is currently down -3.35%.  The S&P index is down close to 100 points or -2.83% at 33670.

US bond buying is starting to perk up as well. The 10 year yield is now down -5.2 basis points while the 30 year is down -5.8 basis points.

The WHO is out saying:
  • if leaders act quickly, virus can be suppressed
  • Europe can avoid national lockdowns
  • hopeful that countries can use other tools
  • no question that Europe is an epicenter right now
  • getting ahead of virus may require more sacrifice
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