Up and down volatility for the tech heavy NASDAQ index today
NASDAQ index is now back in the black after falling to an intraday low of 15030.90, -84.60 points or -0.56%. The current price is trading at 15123.34. That’s up 7.85 points or 0.05% on the day.
The index opened up near the high at 15215.40. At the high, the index was up 99.9 points or 0.66%.
Technically, the open did take the price above the 100 hour moving average currently at 15201.95 (blue line in the chart above). Momentum could not be sustained, however, and the price quickly moved back below that moving average level – turning buyers and sellers.
The run to the low, saw the index testing its 38.2% retracement of the move up from the August 21 low at 15028.97. The low price reached 15030.90 and bounced.
The current price is trading between the 38.2% retracement below at 15028.97, and the 100 hour moving average above at 15201.95. Those levels now represent support and resistance. A move below the 38.2% retracement would look toward the rising 200 hour moving average at 14975.16. A move above the 100 hour moving average, would have traders looking toward the falling 50 hour moving average at 15294.85.