Rotation out of the large-cap Nasdaq high flyers continues

Technical Analysis

Author: Greg Michalowski | nasdaq

Dow industrial average is higher on the day

The rotation continues with the NASDAQ large-cap high flyers moving lower. Investors are moving into the Dow 30 stocks.

Taking a snapshot of the current market:
  • the Dow industrial average is up 59 points or 0.19% at 31555
  • NASDAQ index is down 242 points or -1.75% at 13632
The S&P index is in between but lower on the day at -19.94 points or -0.51% at 3886.60.

Dow industrial average is higher on the day_
Looking at the NASDAQ hourly chart above, the index is moving closer to a key support target defined by its 200 hour moving average at 13576.168 and 50% retracement of the move up from the January 29 low. That level comes in at 13580.084.   The low for the day reached 13597.358.  The pair is currently off that low at 13632.  

Traders will be looking at that dual area for support with stops on a break below. The price has not traded below its 200 hour moving average since January 29.
Invest in yourself. See our forex education hub.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose