A little tilt lower as stocks head into the close
The broader indices have tilted a little to the downside as the final hour of trading gets underway.
The Nasdaq index opened the day lower and moved close to the 200 hour MA (green line currently at 9094.95. The low for the day did move to 9088.04, but the 200 hour MA was lower at the time of the test (around 9085.50 area). Back on December 3rd, the price tested that MA line and bounced. The picture look similar today.
The price has moved a little lower into the last hour of trading. The price remains below upside resistance at 9226 to 9234 (swing area) and the 100 hour MA at 9263.64. The price is between the 100 hour MA above and the 200 hour MA below. Those levels will be key going forward this week.
For the S&P, the price did move below the 200 hour MA (green line currently at 3252.67) and traded above and below the MA in trading today. Although the price moved below the MA, the 38.2% of the move up from the December swing low, stalled the fall. Going forward, if the price can stay below the 200 hour MA, and continue through the 38.2%, the sellers would take more control.
The price action today is reflective of the fear and the lofty levels given the virus fear AND some key earnings this week. Much will depend on those details.
