The Nasdaq index is feeling the wrath of Netflix (down -37% on the day). The index moved to a low of 13443.64. That took the index down -176.02 points or -1.29% on the day. The price has since seen a quick rebound with the index now at 13500. That is still down -123 points or 0.83%
Technically, looking at the hourly chart, the price high yesterday moved up toward recent swing levels between 13679 and 13689. Near the open today, the range to the upside was extended to a high of 13678.55, just below that target area. Seller have since pushed the price of the index lower.
What next?
The 50% midpoint of the move up from the March 14 swing low comes in at 13594.78. That level was broken into the close yesterday, but after falling lower in the first hour of trading today, the price has not been able to get back above that level. As long as the price can remain below the 50% level, the sellers remain more in control in the short term. Move above, and the aforementioned swing area along with the rising 200 hour moving average at 13751.30 would be targeted. If the price cannot get above those levels, sellers remain more in control.
Meanwhile the Dow industrial average is outperforming with a gain of 347 points or 1.0%. The S&P index is up 13.6 points or 0.3%
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