The Nasdaq index moved higher in the first few minutes of trading today, giving buyers some hope after the sharp move lower.
Recall from yesterday (see post here and here), the Nasdaq moved down by over 500 points. In the post, I started to talk about the 200 hour MA as the next target.
Today, the price has now moved below that MA level at 17875.36. The low today has reached 17784.16 so far. The last time the price traded below its 200 hour moving average was back on May 2, 2024
Going forward, staying below that 200-hour moving average keeps the sellers and control and has them targeting other levels including the low price from July 1 at 17657.64, the low price from June 24 and June 11 at 17494, and the 38.2% retracement of the move-up from the April 19 low. That level comes in at 17358.70.
This article was written by Greg Michalowski at www.forexlive.com.
