NASDAQ index stay below its 50 day moving average on the rebound higher
The US stocks have rotated back to the downside after trading briefly into the black.
- The Dow is down -218 point -0.62% at 34738
- THe S&P is down -16 points or -0.36% of 4384 point to zero
- The NASDAQ is down 50 points or -0.34% of 14476
The Dow traded size +23.15 points. The S&P traded up 6.9 points and the NASDAQ traded up 12.0 points before rotating back to the downside.
For the Nasdaq, the pairs corrective move higher stalled right below its rising 50 day moving average. That moving average came in at 14547.48. The the high price today reached 14538 (within 8 points). Stay below the 50 day moving average will keep the bears more in control today and going forward.
The swing high going back to the end of April comes in at 14211.57. Another swing highs came in around the 14175.12 level. The rising 100 day moving averages at 14126.20.
That area between 14126 and 14211 would be a the major downside target should bears start to take more control. To give you an idea, a move toward that moving average would imply a -5.12% decline from the high. That is certainly a possibility.