The US stocks move to new lows. NASDAQ tests its 50 hour moving average
Nasdaq Composite The NASDAQ index is moving lower and trading to a new session low of 16383.94. In the process, the price is looking to test its 50 hour moving average at 16378.
The NASDAQ index is moving lower and trading to a new session low of 16383.94. In the process, the price is looking to test its 50 hour moving average at 16378.94.
At session highs yesterday, the price moved above its 100-hour moving average currently at 17068.54, but stalled ahead of a swing level near 17238.24. The high price reached 17202.94 before returning back to the downside. The move back below that level in trading today disappointed the buyers on the failure of increase momentum after yesterday's historic run to the upside.
Looking at the S&P index, it stalled ahead of its 50% retracement of the move down from the February 19 high and also the falling 100-hour moving average yesterday (see blueline on the chart below).
The price is now breaking below its 50-hour moving average at 5297.09. The low price just reached 5247.75. Stay below the 50 hour moving average, and the 38.2% retracement at 5336.38 (see chart below) keeps the sellers in firm control.
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