US stocks rotate back to the downside


The major US stock indices have moved back into the red after pushing into positive territory at least for a bit. The high for the NASDAQ index showed a gain of 90.20 points or 0.60%. The S&P index was up 28.96 points or +0.62% at its highs. Currently the NASDAQ index is trading down minus at 77 points -0.51% 15004. The S&P index is down -11.04 points or -0.23% 4685.33

NASDAQ index remains between support and resistance

Technically looking at the NASDAQ index on the daily chart, the low price from yesterday’s trade will between the swing lows from December between 14931.61 and 14860.04. The low price reached 14914.

On the topside, the price fell below its 100 day moving average on Wednesday (blue line in the chart above). That moving average currently comes in at 15265.52.

Today, the low price has come in at 15003.47 (so far). The high at 15171.02.

Both levels are within the area defined by the 100 day moving average above, and the swing area below. Traders will look for the next shove in either direction with momentum to help define the bias further.

With the current price below the 100 day moving average, the tilt is more to the downside. However, the support from December still needs to be broken. If done, traders will look toward the rising 200 day moving average at 14681.92.

The last time the price traded below its 200 day moving average was back in April 2020



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