Nasdaq turns negative once again

Technical Analysis

Author: Greg Michalowski | nasdaq

Dow and S&P stay positive on the day

As trading winds to the close, the Nasdaq index has turned back into the red for the day (actually trading is moving above and below the unchanged levels in continued choppy trading). 

Dow and S&P stay positive on the day

The Nasdaq index fell from a all time high yesterday at 10824.785 after gapping higher over the weekend.  The selling took the price lower on the day and also closed outside the prior day's range (outside day, lower close). 

Today the price opened lower and in the process fell below the 100 hour MA (currently at 10234.45 (and moving higher).  The price has corrected higher off that low and traded to a intraday high at 10442.613, but has reversed back down and back into negative territory.  

The high today stayed below the 50 hour MA (currently at 10478). It will take a move back above the 50 hour MA to give the sellers some additional cause for pause.  

On the downside, today and going forward, the rising 100 hour MA at 10234.71 will be eyed. Move below and sellers will have even more control. 

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