Looking at the 5-minute chart above, the Nasdaq index gapped lower from the close yesterday, moved lower and has seen a modest "dead cat bounce" off the low. The index is retesting it's low for the day.
Drilling to the hourly chart, the Nasdaq's move to the downside today gapped below the 100 hour MA (bearish). The index's low tested the 38.2% of the move up from the low on March 14. A move below that level, and the traders will be looking toward the rising 200 hour MA at 13692.97 as the next major target. That is near a swing low from March 21as well.
The S&P index also gapped below its 100 hour MA at 4519.29. It would take a move back above that MA to take some of the bear out of the run lower now. It's 38.2% comes in at 4437.65 and is the next major target on the hourly chart.
