Nasdaq runs lower. Tests lows from yesterday's trading

Technical Analysis

Author: Greg Michalowski | nasdaq-index

Index down -1.6%

The NASDAQ index is getting hit and is testing the low price from yesterday's trade. That low came in at 10999.06. The low today just reached 10998.215

Index down -1.6%_
Looking at the hourly chart above, the price gap below its 200 hour moving average in trading yesterday, and corrected up toward that moving average line (green line in the chart above), but fell short of reaching it.  Today the index open lower and is pushing the low from yesterday. 

Looking at the daily chart below, the 100 day moving average today comes in at 10893.15. The price of the NASDAQ index has not traded below that moving average since early May. On further weakness today a move below that moving average would be more bearish technically.

NASDAQ on the daily
So far, the support is holding at yesterday's low. The prices is bouncing a bit as I type.

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