NASDAQ down -0.84%
The US stocks are moving lower with the NASDAQ leading the way. The tech heavy index is down -131 points or -0.86% at 15242. The S&P is down -0.5% and the Dow industrial average is also down -0.5%.
Looking at the hourly chart of the NASDAQ, the index traded to a new all-time high yesterday at 15403.44, and also closed at a new record high. The move to the upside took the price up some 6.8% from the low going back to August 19.
Technically, today the price fell below its 50 hour moving average at 15295.97. That was the first break below that moving average since breaking back above on August 20. If the price can stay below that moving average, the sellers would assume a more intraday control (at least in the short term). Move back above and markets are unsure.
The 100 hour moving average is currently at 15067.26 (and rising). That moving average would be a target should selling Intensify going forward.