The NASDAQ index is down -100 points or -0.55%. The prices back down testing the low price from yesterday near 17909.75. Early today, the price fell below that level on its way to fill the gap from Wednesday to Thursday ( i.e the high from Wednesday). Buyers came in near the level and pushed the price back higher.
If buyers show up here, call of the bearish dogs again.
Conversely, move below 17909 and I could take another look down at the low of the gap near 17832 before the week is up.
BTW today is a triple witching day.
Triple witchiing refers to the simultaneous expiration of stock options, index options, and index futures contracts. It occurs four times a year—on the third Fridays of March, June, September, and December—and can be known to trigger sharp price movements as traders close out or extend existing positions. Buckle up.
This article was written by Greg Michalowski at www.forexlive.com.
