100 hour MA at 7864.39 (and rising)
In an earlier post ("Nasdaq index dips below 50 hour MA and now retesting. Will the sellers lean?"), the case was made that the break of the 50 hour MA for the Nasdaq index, could see traders leaning against that MA, and lead to a move toward the 100 hour MA (below white line and toward the blue line in the chart below).
The 50 hour MA did indeed transition the level support to resistance, and the price has now moved toward the 100 hour MA. That MA currently comes in at 7864.38. The low reached 7880.15 so far.
It is not quite to the 100 hour MA, and with the price currently up at 7897.31, there is 33 Nasdaq points away.
However, the tilt to the downside is back on, and a run lower before the close may still be in the cards. You know how these things happen.
In any case, sellers from the break below the 50 hour MA is now risk at the 7967.70 now.
