NASDAQ index funds sellers near moving average resistance
The US broader indices are trading to new session lows. The NASDAQ index just reached 13122.11. That is down 1.6% on the day.
For the NASDAQ index, the high price for the day stalled just above its 100 hour moving average at 13306.925. The price could not reach the underside of the broken trend line nor the 50 hour moving average near 13359.90. On the downside, the the pair has moved below the 50% retracement at 13136.112. The next target comes in at the 200 hour moving average at 13059.842.
For the S&P index, it is moving further and further away from its 200 hour moving average at 3769.30. The pair has moved below its 61.8% retracement of the move up from the December 21 low at 3726.03.
The index today moved below its closing level from Dec 31, 2020 at 3756.04. Getting back above that level is needed to give buyers some hope for a move back higher.
The next target comes in at the January 6 low at 3705.34.The low for the year reached 3662.71.