Nasdaq index moves down to test the 100 hour MA. Key short term target/bias level.

The Nasdaq index is the biggest decliner of the three major stock indices with a fall of 1.4%. That decline has taken the price of the index down toward its rising 100-hour moving average currently at 15226.50. A move below that level would increase the bearish bias and have traders looking toward the 200 hour movie average at 15050.50.

Conversely, if buyers step in against the support target, and stay above, we should see a rotation back to the upside with the 50-hour moving average at 15509.90 as the next key upside resistance target.

This article was written by Greg Michalowski at Source