S&P now negative
the NASDAQ index is taking it on the chin today. It is currently trading down 140 points or -1.27% at 10872. The S&P index is also lower by 7.7 points or -0.22% the 3343.50.
Technically, the pair is testing its 50 hour moving average at 10876.27. The price has dipped below that moving average to the session low of 10869.426, but is finding some dip buying.
The last time the price traded below its 50 hour moving average was back on July 30.
On Friday, the NASDAQ index traded to a new all time high price 11126.37, but close lower on the day today’s price action has continued that downward momentum into the moving average support.
On more momentum below the 50 hour moving average, the traders will be targeting the