Watching 4500
The US stocks continue to get hit. The Nasdaq composite index moved down 12.63% from the end of December high to the low today. The price moved below the 4500 level and the low from September at the 4487 level. We are seeing a little rebound, but if the pattern continues the corrections get slammed. Yesterday, the index moved up to the prior day high and got near the 50% of the move up from the August low, and that was it. Back down hard.
Last week, the index corrected to the 100 day MA, and that was it.
The 4500 level will be watched today. Get above, ok it is a step in the right direction. Stay below and the pattern of correction to resistance continues.
