The NASDAQ index continues to take most of the heat to the downside of the major indices. It is currently down -187 points or -0.87% at 21126.36 as such it is also testing its key 200 hour moving average at 21126.14. A break and staying below that moving average level would be a tilt more to the downside from a bearish perspective. Key level right here
Recall that on August 1 (US jobs report). The index moved sharply lower after the US jobs report, and also traded below its 200 hour moving average for the first time since April 24. However, the momentum faded quickly, and when the price gap higher the next trading day, the rally to new all-time highs began. That rally took the price up to 21803.75 on August 12 before rotating to the downside.
On a break below the 200 hour moving average, traders will next target the 38.2% retracement of its move up from the June 23 low. That level comes in at 20864.09.
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Also, the S&P index is testing its 100-hour moving average at 6382.38. The low price is now trading below that level at 6378.00. Stay below the 100-hour moving average would have traders looking toward its 200-hour moving average at 6350.92.
PS. The NASDAQ index has now broken below its 200 hour moving average, trading to a low of 21003.44. The current price is trading at 21023.59 down -291 points or -1.36%
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