Trades between 50/100 hour MA below and the 200 hour MA above
The Nasdaq has fallen lower after a higher opening took the price above the 200 hour MA at 8003.457 (the high reached 8017.91) for the 1st time since August 1st. The failure to stay above the level, and some weaker data, has led to a run lower. The index is currently down 31 points at 7941.22. The low price reached 7914.744.
Technically, the pair is trading below the 200 hour moving average at 8003.457, but above its 100 hour moving average at 7906.16 and 50 hour moving average at 7899.37.
Yesterday, the price gapped above both the 50 and 100 hour moving averages (and stayed above for the entire day).
Going forward, it will take a move back below those levels to solicit more technical selling.
