NASDAQ shares turn negative after run to new record highs fails

Technical Analysis

Author: Greg Michalowski | nasdaq

New all time high at 12108.065 takes out September high at 12074.06

The Nasdaq index has moved to a new day low and in the process has turned negative on the day.

New all time high at 12108.065 takes out September high at 12074.06
The earlier high for the day reached 12108.065. That took out the September all-time high price of 12074.06.  The new record intraday high could not be sustained, and the price has now moved into negative territory.  The price is also below the October high price of 11965.54.

It would take a move back above both the September and October highs to give buyers more comfort given the failures to new highs.  

Meanwhile, the S&P, NASDAQ, and Russell index remain solidly in positive territory. Each of the indices have outperformed the NASDAQ. The snapshot of those indices currently shows
  • S&P index +81.73 points or 2.33% at 3591.34
  • Dow industrial average up 1188 points or 4.19% at 29509.85
  • Russell 2000 index is up 85.925 points or 5.23% at 1730.10.
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