Stocks turn lower. Nasdaq trades below 200 day MA. Key level.

Technical Analysis

Author: Greg Michalowski | nasdaq-index

200 day moving average at 7712.89 in the NASDAQ composite index

The miss in the ISM nonmanufacturing index has sent stocks tumbling back to the downside.  IN the process, the NASDAQ composite index has dipped below its 200 day moving average for the 1st time since early June. That moving average comes in today at 7712.904. The low price just extended to 7700.002 (nice round number).  

We currently trade at 7706. Watch that MA for bias clues for the remainder of the day.

In March and again in June, the price of the NASDAQ fell below its 200 day moving average but only for a few days before rebounding back higher.  Be aware. It is a key level to eye.  

The NASDAQ composite index
The S&P index remains above its 200 day moving average at 2838.99. The low for the day has reached 2855.94. 

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