NASDAQ down nearly 2%

The NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index is now down close to 2%. The current price is at 13054 down 1.95% or -261 points. The intraday low did reach 13038.73 taking the price to -2% on the day.

Looking at the hourly chart, last week the price high stalled right near it's falling 200 hour moving average. That gave sellers the go-ahead to push lower. The 100 hour moving average then became resistance and sellers added to their shorts against that MA (blue line in the chart above).

The low today has moved below the February 24 low price of 13094.65. Back on March 24 the price also fell below that level on its way to the cycle low of 12587.88 (also on February 24). Trading back below 13094.65 increases the bearish bias from a technical perspective. If more space can move away from area, the sellers would have more incentive technically to move toward the cycle low at 12582.88.