Nasdaq tests lows for the week/year

Technical Analysis

Author: Greg Michalowski | nasdaq

The low from reached 12553.96. The low price from January 4 reached 12543.24

The NASDAQ index trade to a low of 12582.852. That is getting close to the low price reached yesterday at 12553.96 and the low for 2021 from January 4 at 12543.24.  Breaking below those levels should trigger stops. Holding may give buyers some hope that the floor is in place.  

The low from reached 12553.96. The low price from January 4 reached 12543.24_
The NASDAQ index was up 150 points at the high price today or +1.19%. As I type it is down -1.08%.

Looking at the daily chart, the price is also dipping back below its 100 day moving average at 12626.29. Yesterday the price fell below that moving average level but could not sustain momentum and closed back above.  A close below the level would be more bearish.

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