Down near 1% on the day as gains erased and then some
The Nasdaq is reaching to new session lows and in the process has moved below its 50 hour MA at 7542.347. In the last two weeks, the price dipped below that MA but only for an hour or two, before rebounding back higher. This is the 3rd look. Is it the charm?
If it stays below, the 100 hour MA comes in at 7487.97 (blue line). That MA was last tested on January 29th where support buyers leaned and utlimately pushed the price higher.
Look for sellers against the 50 hour MA. If the price can stay below, the highs may be in for the index for the time being (with the 100 hour MA a key target below).
