The Nasdaq index has been turned away from its 100 day moving average once again. Recall from last week, the price tested that moving average only to find sellers against the level.
Yesterday and today, the price got close, but still remained a good distance away from the level before sellers came in pushed the price to the downside after Brainard’s more hawkish comments.
The price is now trading to a new week low and down about 250 points or -1.72%. Yesterday, the price moved up 1.9% after a gap move higher on the open.
Also of note today from a technical perspective is that the price is back below the 50% of the move down from the November all time high price. That midpoint level comes in at 14383.79. The level is now a close risk level for the seller.