The NASDAQ index open higher reaching a high price of 15259.71.. That took the index up 71.3 points or 0.47% on the day. However since then, the price has moved lower and the index is currently trading down -72 points or -0.48% at 15116.26 (and trading at the days lows)
Looking at the daily chart, yesterday the price traded briefly above its 100 day moving average at 15281.65 before closing below that key level. Today the high price stalled ahead of the moving average level, helping to contribute to the reversal lower on the disappointment.
In all trendline cuts across at 15055, and a swing low going back to early December at 14931.61 are the next downside targets on further selling. The 38.2% retracement of the move up from the March 2021 low is at 14754.83, and the 200 day moving average has risen to 14721.12. On Monday, the price fell below the 200 day moving average for the first time since April 21, 2020, but momentum cannot be sustained and the price closed back above the level leading to the run back toward the 100 day moving average.
So the price seems to be finding resistance sellers against the 100 day moving average. Bearish. As always that level holds, there should be a further rotation to the downside.