NASDAQ index falls below its 100 hour moving average

Technical Analysis

Author: Greg Michalowski | nasdaq

Trades to new session lows

the NASDAQ index has just fallen below its 100 hour moving average currently at 9597.08. Early in the day the price got close to the moving average but bounced. The last time the price was below the 100 hour moving average was back on February 3.

Trades to new session lows_
Next target comes at the 38.2% retracement of the move up from the January 27 swing low. That level comes in at 9553.43. Below that is the 50% retracement at 9465.418 and the rising 200 hour moving average at 9446.11. 

Stay below the 100 hour moving average would keep the sellers firmly in control.

The S&P index has also move back below its 100 hour moving average. Early today it did crack below the level but moved back above on a corrective move higher.  That 100 hour moving average currently comes in at 3342.34. The S&P index is currently down 38.4 points at 3334.82.

S&P index is trading below its 100 hour moving average

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