Falls below 50 and 100 hour MAs
The Nasdaq index is showing a little crack in its bullish armor today after gapping below its 50 hour moving average at 13982.29 and its 100 hour moving average at 13936.159 (currently). The low price has reached 13863.67. The current prices trade around 13901.
If the price stayed below those moving averages, the shorter-term bias is more corrective/to the downside. The next targets come in at the swing low from February 10 at 13845.46. Below that the swing hi from January 25 at 13728.98 and the 38.2% retracement of the move up from the January 29 low at 13720.51 would be targeted.
For the S&P index, it is not as bearish. It's low reached just below its100 hour moving average at 3902.83 (the low ticked to 3900.43), but bounced. A move below that 100 hour moving average would help to increase the bearish equity bias.
So although the equity markets are lower, there is some ambiguity in the indices which softens the bearishness seen so far today. Traders will be watching the aforementioned levels for clues.
