S&P now negative
The NASDAQ index is taking it on the chin today. It is currently trading down 140 points or -1.27% at 10872. The S&P index is also lower by 7.7 points or -0.22% the 3343.50.
Technically, the pair is testing its 50 hour moving average at 10876.27. The price has dipped below that moving average to the session low of 10869.426, but is finding some dip buying.
The last time the price traded below its 50 hour moving average was back on July 30.
On Friday, the NASDAQ index traded to a new all time high price 11126.37, but closed lower on the day. Today's price action has continued that downward momentum into the 1st moving average target (at the 50 hour moving average).
On more momentum below the 50 hour moving average, the traders will be targeting the
- swing highs from July at 10839.92 and 1.0823.229 respectively, and
- The 38.2% retracement of the move up from the July 24 low at 10778.90
Move below the 38.2% retracement, and traders will be looking toward its 100 hour moving average. Both the 150 hour moving average were broken to the upside back on July 30(they were near converged at the time).