..but the tide can change quickly
The Nasdaq is trading back down over 700 points currently. The index is trading at 7147, -728 points on the day or -9.25%
Although sharply lower, the low for the day was down at 6951.27 in the 1st hour so of trading. That move did some technical damage, but the price recovered back above key levels. Nevertheless with the weakness resurfacing, traders will be looking toward those levels once again.
Looking at the weekly chart, the index move to the lows today did fall below a trend line connecting lows from 2016 and lows from the last week of December 2018. That level cuts across at 7035.14 currently.
Another level broken was the 50% retracement of the move up from the 2016 low. That level comes in at 7024.06.
Finally, the 200 week moving average was broken at at 6981.12. Once again the low for the day reached 6951.27.
All those levels are huge technical levels to get to - and through - if the selling momentum is to continue.
