The tumble yesterday saw the price dipped below the 100 hour moving average
The NASDAQ index fell sharply yesterday, and in the process saw the price dip briefly below its 100 hour moving average (blue line in the chart below). The move up from the all-time high from November 5 at 16053 to the low reached yesterday saw the index fall -3.18% before bouncing back higher.
The index opened higher today and still remains higher by about 109 points, but is trading just below the intraday mid range. The current price trades at 15732. That's up 109 points or 0.70%. The high percentage change saw the index up 0.93%. The low percentage change was at 0.58%.
Looking at the hourly chart, the 50 hour moving averages remains above at 15832.72. That level would need to be broken if the buyers are to assume more control. Stay below and the battle between the 50 and 100 hour moving average continues with the winner being the next break. Sellers have a little advantage in the short term, but they still have more to prove if they are to take more control after the recent trend run higher. So far, the correction is just a plain vanilla correction into the rising 100 hour MA.
