Back lower on the day
The Nasdaq index is moving back down toward the 100 day MA at 7967.38. A close just below is not the end of the world technically but it is a disappointment from a technical perspective. The market could not extend and maintain higher prices today.
Drilling down to the hourly chart, the price today got close to the 100 hour MA at 8014.932. The high for the day reached 8013.31 and turned back lower. That too is not all that great for the bulls. It will take a move back above that MA and the 200 hour MA (green line in the chart below at 8031.00) to swing the bias higher.
As mentiioned. it may not be the end of the world to close below the 100 day MA and the 100 hour MA (and 200 hour MA), but it does not help the technical picture at the end of the day.
