NASDAQ reverses. The index trades negative on the year.

Technical Analysis

Author: Greg Michalowski | nasdaq

Trades negative on the year

The NASDAQ index has moved to a new session low of 12868.859 and in the process has now moved below the close from 2020 at 12888.28. 

NASDAQ index trades negative on the year
Looking at the daily chart, the initial move to the upside today stalled at a high price of 13068.71. That high traded briefly above the underside of the broken trend line connecting the March 2020 low to the November 2020 low. That underside of the trend line comes in at 13065.31 today.  It will take a move above that level to tilt the bias a little more to the upside now. 

The current price is trading down 126 points or -0.97% at 12862. That is below the closing level from last year.  Stay below keeps the bears more in control. 

The next major target on the daily chart comes in against its 100 day moving average (blue line in the chart above). That level currently comes in at 12617.80. The price last traded below that level back in early November but could not sustain much momentum on the break and the price moved back higher and started the run to all time highs.

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