NASDAQ down nearly 2% | Forexlive

Looking at the hourly chart, last week the price high stalled right near it’s falling 200 hour moving average. That gave sellers the go-ahead to push lower. The 100 hour moving average then became resistance and sellers added to their shorts against that MA (blue line in the chart above).

The low today has moved below the February 24 low price of 13094.65. Back on March 24 the price also fell below that level on its way to the cycle low of 12587.88 (also on February 24). Trading back below 13094.65 increases the bearish bias from a technical perspective. If more space can move away from area, the sellers would have more incentive technically to move toward the cycle low at 12582.88.