Can it stay below the key MA level.
The NASDAQ index has tumbled below its 200 hour moving average currently at 11168.93. The low price has reached 11107.918.
The last time the price traded below its 200 hour moving average was back on July 24 and before that June 29. Each of those breaks on the hourly chart were quickly reversed within the hour. There has not been a close below its 200 hour moving average since April 6. That is a long time ago.
Stay below the level now keeps the bears firmly in control. Key test from a technical perspective for the high flying NASDAQ index with the sellers making the big push..
Taking a broader look at the daily chart, the index is getting closer to its 50 day moving average. That moving average currently comes in at 10853.16. The price has not traded below its 50 day moving average since April 21. That was also the last time the price close below that moving average. A move to its 50 day moving average would imply around 810% decline from the all-time highs reached just on Tuesday.
