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Home ANALYSIS

Nasdaq heads back to the lows. Down -220 points going into the close

A.R Chowdhury by A.R Chowdhury
March 30, 2022
Reading Time: 4 mins read
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Nasdaq heads back to the lows. Down -220 points going into the close

Nasdaq

Nasdaq moves toward 50% retracement target

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The  Nasdaq 
NASDAQ

The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.

The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since assumed the majority of major trades that had been executed by the over-the-counter (OTC) system of trading.What Makes Up the NASDAQ?In particular, the exchange also features the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and S&P 500 Index, this is one of the three most-followed stock market indices in the United States.Overall, the NASDAQ stock market has three different market tiers. This includes the Capital Market, or an equity market for companies that have relatively small levels of market capitalization. The listing requirements for small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization.Additionally, the Global Market is made up of stocks that represent the Nasdaq Global Market. The Global Market consists of 1,450 stocks that meet the exchange’s financial and liquidity requirements, and corporate governance standards.Finally, the Global Select Market is a market capitalization-weighted index made up of 1,200 US-based and international stocks that represent the Global Select Market Composite.
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index is trading down over 220 points on the day or -1.52% at 14395.

The index is off the low for the day but moving back to the downside as the day works toward the close. The low for the day reached 14383.45.

Looking at the daily chart, the low for the day stalled right near the 50% midpoint of the move down from the all-time high price reached on November 22. A move below that level would disappoint buyers who saw the price gap above that level yesterday on its way to a test of the falling 100 day moving average (blue line in the chart above). That moving average ended up stalling the rally yesterday, and today’s high price was also below that key moving average level at 14633.41.

A move below the 50% would add to the idea that a top is in place for the index and the move higher is over.at least in the short term. The next downside target would look toward the 14200 area where swing lows from July and October 2021 stalled corrective moves. Last week, (Thursday and Friday) there was a stall near the area as well before breaking higher on Monday.

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A.R Chowdhury

A.R Chowdhury

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