The broader NASDAQ and S&P index are moving to new session lows. Investors are still concerned about geopolitical risks out of Israel going into the weekend. In the US, the US House of Representatives continues to be in flux.
The declines are led by the NASDAQ index once again with a move of over -1.10% now. The S&P index is down -0.86%.
Yesterday, the NASDAQ index tried to rally and extend back above its 100-hour moving average (blue line in the chart above). However, the brief move above that moving average was met with willing sellers and the price has seen a steady decline since then and into today’s trading. The next target comes against the swing low from October 3 at 13008.60. Below that the swing low from September 27 comes in at 12963.16.
Looking at the daily chart, if the September/October lows are broken, the 38.2% retracement of the move up from the 2022 low comes at 12781.90. Its rising 200-day moving average comes in at 12730.09. Those two levels will be targeted on further selling/liquidation.
Buyers had their shot yesterday with its brief move above the its 100-hour moving average. However, it was a sellers who took control and they have continued that moving trading today. Support is being targeted at September/October lows. Will the buyers show up, or are the geopolitical and domestic uncertainty lead to more liquidation?
This article was written by Greg Michalowski at www.forexlive.com. Source