The selling in the NASDAQ index continues with the index now down -1.75%. Yesterday the index fell over -3.6% it’s worst trading day since December 2022.
Looking at the daily chart, the price is approaching its 50% midpoint of the move up from the April 2024 low. That level comes in at 16976.54. Below that, the rising 100-day moving average comes in at 16807.78. The low price has reached 17033.
Yesterday, the price closed below its 50-day moving average at 17523.02.
Market action is a volatile.
The Magnificent 7 currently (10:19 AM ET)
Nvidia -4.8% Amazon -1.31%Meta Platforms -2.80%Microsoft -1.97%Tesla +2.16%Alphabet -2.09%Apple -1.56%
The Magnificent 7 ETF has moved down -14.29% from its July 10 high (to the low today) and also reached below its 50% midpoint of the move up from the April swing low. They are bouncing off the lows as I type as the Nasdaq is now only down -0.84%.
Nasdaq from the high to the low today shed -8.69%
This article was written by Greg Michalowski at www.forexlive.com.
