Key technical levels on the daily chart
The NASDAQ index traded above and below its 100 day moving average on Thursday and Friday of last week.
On Monday, the price fell back below the level and stayed below the level on its way to a test of the 50% retracement of the move up from the May low to the September high at 14199.22, and the swing low from July 19 at 14178.66.
Buyers showed up in that area and pushed the price higher yesterday (corrective day). However the 100 day moving average stalled the rally and the price rotated back to the downside.
Today the NASDAQ index opened down and remained in the red for the day. The high price so far today saw the index index only get to down -12.4 points or -0.09%. The low price was down -174.8 points or -1.21%. The current price is trading down around -80 points or -0.56%.
Technically, the high price today at 14421.50, stalled near a swing level (see red numbered circles). That level is now close resistance ahead of the 100 day moving average. It would take a move above it - and then the 100 day moving average - to tilt the bias more in the direction of the buyers.
Absent that, and the sellers remain more in control with work to do on the downside. More specifically getting below the 50% retracement at 14199.22, the swing level at 14178.66 would open the door for a move toward the next key target at the 200 day moving average currently at 13984.47. The price of the NASDAQ index has not traded below its 200 day moving average since April 21, 2000. That's a long time ago.
FYI a move to the 200 day moving average would take the decline from the all time high to -9.2%.
