The NASDAQ index gapped higher at the open yesterday and did not trade in negative territory. The low for the day was at 13039.79. The high price extended to 13301.16 and closed at 13255.56.
Today the price gapped lower, and has now moved below the low price from yesterday’s trade at 13039.79. This will now be close resistance intraday. Stay below is more bearish.
The low for the day has just reached 12960.42, down -2.21% (-295 points).
Although the gains were impressive yesterday with a rise of 459.98 points, the pair still remains below its 100 hour moving average at 13403.63 (the high price reached 13301.16).
Drilling to the five-minute chart below, the price has just moved below the 50% midpoint of the move up from the low this week at 12985.62 (from Tuesday’s low at 12670.08). The price has also moved back below the 200 bar moving average at 13030.73. If the price can stay below these levels, the sellers would remain in full control in the short term.