Nasdaq rotated back lower after test of 50 hour MA and gap


High reached 13985.578 between 50 hour MA at 13973.62 and low from Wednesday at 13995.44 (top of gap)

As per and earlier post, the NASDAQ index was looking to test the 50 hour moving average (white line in the chart below) and the low from Wednesday at 13995.447. That low would have filled the gap between Wednesdays and Thursdays trade.  The high price today reached 13985.578 (so far). That stalled between those 2 technical levels. 

High reached 13985.578 between 50 hour MA at 13973.62 and low from Wednesday at 13995.44 (top of gap)

The index is now down looking to test the low for the day at 13907.716. The price just reached 13913.59.  A move below the prior low should lead to more selling.  

Looking at the S&P, it is currently trading just off it’s a low price of 3915.57 (at 3916.81). That is still up around 3 points or 0.08% but well off the high of 3930.41

The Dow is up 94 points or 0.3% the 31588.18.  It reached a high of 31647.53. The low for the day was at 31504.13

Invest in yourself. See our forex education hub.



Source link

Published
Categorized as Forex

By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

Leave a comment

Your email address will not be published. Required fields are marked *