The 200 hour MA is breached in the Nasdaq but can’t reached the week low
The NASDAQ and S&P remain under the most pressure today.
The NASDAQ index is currently down -1.1% at 15014.01.
The S&P index is down -41.61 points or -0.93% at 4432.02.
Looking at the NASDAQ index (see hourly chart above), it did reach below its 200 hour moving average at 15016.99. The price is just below that level now. The low for the day at 14998.73 could not reach the low from earlier in the week at 14984.68 (at least yet). If the price can stay below the 200 hour moving average, however, the sellers remain in control. A move below the low for the week would have traders looking toward the 50% retracement ultimately at 14913.30.
For the S&P index it has moved to a new low for the week reaching 4427.93. That low stalled just ahead of the 38.2% retracement of the move up from the August 19 low at 4426.39. The price of the S&P is already below its 200 hour moving average which is up at 4477.50. This week, the swing highs found resistance near the 4479.72 level. That level in addition to the 200 hour moving average will be resistance levels on any bounce back rally. A move above each would increase the bullish bias.
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