Nasdaq falls to low of 6524.52. Currently at 6533 down 64 points or -0.98%
The NASDAQ composite index is down about 1% on the day (currently trading at 6533 down 64 points).
The index slid to a low of 6524.52. Looking at the hourly chart the 200 hour moving average comes in at 6527.769. So the price dipped below but is trying to rebound off that level.
Back on September 25th, the price fell below the 200 hour MA, but rebounded back above the very next day and marched higher.
ON a break below, a lower trend line cuts across at 6492. The 38.2% of the move up from the August low comes in at 6462.73. That is another downside target on a break lower.
Earlier today, at the highs, the price of the index tested the 50 hour MA (white line in the chart above) but stalled. That failure to move back above that MA line, gave sellers more confidence to explore the downside. The low from October 19th at 6558.52 will be eyed as close risk now for shorts. Stay below, and sellers are taking back more control.
